HomeMy WebLinkAboutR-07-0371City of Miami
Legislation
Resolution: R-07-0371
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-00866 Final Action Date: 6/28/2007
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
ACCEPTING A SETTLEMENT AGREEMENT OF DECEMBER 2006
("SETTLEMENT") REACHED WITH BROWN & BROWN, INC. BY THE FLORIDA
DEPARTMENT OF FINANCIAL SERVICES, THE FLORIDA OFFICE OF
INSURANCE REGULATION, AND THE FLORIDA ATTORNEY GENERAL ON
BEHALF OF FLORIDA GOVERNMENTAL ENTITY INSURANCE POLICYHOLDER
CLIENTS OF BROWN & BROWN, INC., WITH SAID SETTLEMENT RESULTING
FROM A JOINT INVESTIGATION UNDERTAKEN BY THE FLORIDA DEPARTMENT
OF FINANCIAL SERVICES, THE FLORIDA OFFICE OF INSURANCE REGULATION
AND THE FLORIDA ATTORNEY GENERAL; AUTHORIZING THE CITY MANAGER
TO ACCEPT SIXTY-FOUR THOUSAND, NINE HUNDRED AND SIXTY-EIGHT
DOLLARS AND THIRTY-EIGHT CENTS ($64,968.38) AND ANY PERMITTED
INCREASE THERETO AS THE CITY'S SHARE OF THE SETTLEMENT PROCEEDS
DISTRIBUTION AND TO EXECUTE THE RELEASE, IN SUBSTANTIALLY THE
ATTACHED FORM, RELATED TO THE SETTLEMENT.
WHEREAS, pursuant to the authority of the Florida Attorney General under State and Federal
law, the Florida Attorney General, the Florida Department of Financial Services, and the Florida Office
of Insurance Regulation instituted a joint investigation against Brown & Brown, Inc. alleging that
Brown & Brown, Inc. received undisclosed compensation from insurers in connection with insurance
policies sold to Florida governmental entity insurance policyholder clients of Brown & Brown, Inc. from
1998 to 2005; and
WHEREAS, admitting no wrongdoing or liability, Brown & Brown, Inc. reached a settlement in
December of 2006, a copy of which is attached hereto (the "Settlement"), with the Florida Department
of Financial Services, the Florida Office of Insurance Regulations, and the Florida Attorney General
on behalf of Florida governmental entity insurance policyholder clients of Brown & Brown, Inc. from
1998 to 2005 and such Settlement requests such Florida governmental insurance policyholder clients
of Brown & Brown, Inc. to execute a release, in substantially the attached form (the "Release"); and
WHEREAS, the City of Miami ("City") has been a Florida governmental entity insurance
policyholder client of Brown & Brown, Inc. during the time period from 1998 to 2005 and to the
present time; and
WHEREAS, Brown & Brown, Inc. has previously voluntarily refunded amounts to the City;
however, the City is still entitled to participate in the proceeds of the distribution of the Settlement in
the amount of Sixty -Four Thousand, Nine Hundred and Sixty -Eight Dollars and Thirty -Eight Cents
($64,968.38) and any permitted increase thereto (the "City's Settlement Share"); and
WHEREAS, in exchange for the City's Settlement Share, the execution of the Release, in
substantially the attached form, by the City Manager would release Brown & Brown, Inc., including
any parent, subsidiary or affiliated company from all manner of actions, suits, and damages, inter alia,
City of Miami
Page 1 of 2 File Id: 07-00866 (Version: 11 Printed On: 4/4/2017
File Number: 07-00866 Enactment Number: R-07-0371
against Brown & Brown, Inc. regarding Brown & Brown, Inc.'s receipt of undisclosed compensation
from insurors through the date of execution of the Release;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA;
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The Settlement Agreement of December 2006 (the "Settlement") reached with Brown
& Brown, Inc. by the Florida Department of Financial Services, the Florida Office of Insurance
Regulation and the Florida Attorney General on behalf of Florida governmental entity insurance
policyholder clients of Brown & Brown, Inc. with said Settlement resulting from a joint investigation
undertaken by the Florida Department of Financial Services, the Florida Office of Insurance
Regulation, and the Florida Attorney General, is accepted.
Section 3. The City Manager is authorized to accept Sixty -Four Thousand, Nine Hundred and
Sixty -Eight Dollars and Thirty -Eight Cents ($64,968.38) and any permitted increase thereto as the
City's share of the settlement proceeds and to execute the Release in substantially the attached form,
related to the Settlement.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{1}
Footnotes:
{1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 07-00866 (Version: 11 Printed On: 4/4/2017