Blog
Rate Adjustment for Prescription Drug Reform Premature
The Office of Insurance Regulation has indicated that it is too early to adjust workers’ compensation rates for changes the Florida legislature might make next year to the manner in which workers’ compensation prescriptions are dispensed. The National Federation of Independent Business asked the OIR to cut 2.5% from the National Council on Compensation Insurance workers’ …
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FHCF Advisory Council to Consider Cat Fund Capacity
The Advisory Council of the Florida Hurricane Catastrophe Fund meets October 18, 2011, to consider the most recent analysis of the FHCF’s claims-paying capacity. The FHCF’s ability to reimburse participating insurers for covered losses consists of a combination of its cash on hand and its ability to issue bonds. By law, the State Board of …
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Right-Sizing FHCF Adds Certainty But Affects Market Competitiveness
One of the most significant legislative proposals for the upcoming session in the residential property arena will be reducing the size of the FHCF. Jack Nicholson of the FHCF has said that while the FHCF currently projects that it could meet its mandatory obligations, worldwide financial conditions have reduced the margin for doing so to …
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OIR Hears NCCI Request for Rate Increase
NCCI filed a request for a statewide average rate increase of 8.9% and the OIR held a public hearing to gather testimony and evidence regarding the request. Insurance Commissioner Kevin McCarty chaired the panel listening to the presentation of the NCCI. He was joined on the panel by Belinda Miller (General Counsel), Richard Koon (Deputy …
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OIR Names New Deputy Commissioner for Life and Health Insurance
The Office of Insurance Regulation has named Michelle Robleto as its new Deputy Insurance Commissioner for Life and Health Insurance. “Michelle Robleto is a consummate professional with an outstanding reputation in the health insurance industry, and as a public servant for the State of Florida,” remarked Commissioner Kevin McCarty. “I am confident she will be a …
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OIR Issues Memorandum to Health Insurers and HMO’s
The Florida Office of Insurance Regulation has issued an informational memorandum to all health insurers and HMO’s. The purpose of the memorandum is to notify health insurers and HMO’s of a recent amendment to the federal interim final rules relating to Internal Claims and Appeals and External Review Processes. The OIR’s informational memorandum can be …
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PIP Working Group Resumes Analysis
The PIP Working Group convened by Insurance Consumer Advocate Robin Westcott resumes its consideration of the complex issues affecting the Florida market at an October 10, 2011 workshop. This workshop is part of a series of meetings scheduled by the Consumer Advocate to bring PIP stakeholders together. She intends for the process to culminate in …
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New Exemptions to Commercial Insurance Rates Go Into Effect
In a session marked as much by what did not pass as what did pass, one of the most significant pieces of legislation that cleared all of the hurdles during 2011 was the Commercial Insurance Rates bill (House Bill 99, Chapter 2011-160, Laws of Florida). The first version of this passed the Legislature and was …
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News from the Florida Surplus Lines Service Office
On September 30, 2011, The Florida Surplus Lines Service Office (FSLSO) sent notice of two changes. The first relates to the EMPA tax (Emergency Management Preparedness Assistance). As of October 1, 2011 this tax gets paid to the Florida Division of Emergency Management as a result of name changes and reorganizations implemented by the Governor. …
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Familiar Names Take New Positions at Office of Insurance Regulation
The Florida Office of Insurance Regulation has named several veteran regulators to new positions within the agency. Some of the changes affect oversight of the property and casualty area, where the newly named senior regulators take the place of individuals who left the OIR to pursue other opportunities earlier this year. Richard Koon has been …
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Delaware Supreme Court Holds That Life Policies Can Be Challenged For Lack Of An Insurable Interest Even After The Contestability Period Expires, Impacting Life Settlement Investors
By: Tom Crabb and Karen Asher-Cohen Adding to the risks faced by those who invest in life settlements, on September 20, 2011 the Delaware Supreme Court held that a life insurance policy can be challenged by the insurer for lack of an insurable interest even after the two year contestability provision in the policy has …
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FHCF Seeks to Avoid “Over-Exposure”
Several months ago, the Florida Hurricane Catastrophe Fund (FHCF) released a proposal to gradually reduce the FHCF’s exposure to ensure it is able to meet its obligations to insurers. Jack Nicholson of the FHCF recently referred to moving from the current position in which the FHCF might meet its obligations, or hopes to meet its …
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Senate Committee Reviews Public Records Exemption for DFS Service Requests
The Banking & Insurance Committee of the Florida Senate has completed its review of a public records exemption for information submitted to the Department of Financial Services or Office of Insurance Regulation in connection with consumer service requests. The exemption applies to information submitted by consumers to the DFS’ Division of Consumer Services and to …
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Banking & Insurance Committee Completes PIP Open Government Review
The Florida Senate’s Banking & Insurance Committee recently released its open government review relating to an exemption from public records law for certain information related to auto insurance policies. Florida has broad public records laws that make most information in the hands of state government available to interested members of the public. However, the Florida …
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NIMA Elects Governing Committee
The state representatives of the Non-Admitted Insurance Multi-State Agreement (NIMA) have elected the group’s first Governing Committee. The Chairman of NIMA will be Insurance Commissioner Mike Chaney from Mississippi, the Vice-Chairman of NIMA will be Director of Insurance Merle Scheiber of South Dakota, and the Secretary of NIMA will be Insurance Commissioner Kevin McCarty of Florida. …
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