Lawmaker: Four Term Elected Member of the Florida House of Representatives. I recently served as an Elected Member of the Florida House of Representatives. I was Elected to the Florida House from Palm Beach County in 2010, Re-elected in 2012 and in 2014 and in 2016 and served until January of 2109, when, under Florida law, I was term limited out.
During the entire eight years at the Florida House, I served as a Member of the Insurance Committee and served as well as Vice Chair of the Insurance Committee and served as well on the upstream parent of the Insurance Committee, namely the Commerce Committee. All insurance bills must ultimately pass through the Commerce Committee.
Florida is an insurance intensive state for all kinds of reasons, meaning most all key insurance issues were considered or addressed during my service and were handled either by me directly (along with the balance of the Committee, of course) or by other Members of the Committee or by the Insurance Committee operating as a whole. My work in this regard included sponsoring and co-sponsoring insurance and reinsurance legislation; presenting such legislation to the Insurance Committee and to the upstream parent committee, namely the Commerce Committee and presenting the bill before the entire House of Representatives. I also participated in hearings either as Vice Chair (and Chairing the hearings) or as a participating Member, inquiring of those proposing the legislation.
In all of this, I have become very familiar with and possess an clear understanding of legislation and of construing insurance legislation and have become as well, very familiar with the role of the legislature (regardless of the state) as to insurance matters and the role of Insurance Regulators as to legislation and as to the balance of the regulators’ obligations, based both on this Florida experience and based as well on having served previously as Iowa’s Commissioner of Insurance.
Issue: Life policies sold in the mid 1980s with illustrations projecting 12% to 14% returns (pre-empting the need for further premiums after a few years – the premium “vanished”) collapsed as rates fell, leaving insureds empty handed and alleging agent/insurer misrepresentation. Damages include (among others), the lost protection, the delta between what they were sold and what they got as well as punitives as appropriate. Some of these vanishing premium cases still continue to surface.
Overall. Mr. Hager has in-depth, highly technical knowledge and hands-on experience testifying in vanishing premium cases. He has provided:
- Damage testimony (both actuals and punitives)
- Testimony as to applicable law; and
- Testimony as to what the insurer/agents knew or should have known in connection with the illustration they produced.
- Vanishing Insurance Premiums Expert Witness