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Supreme Court Declines to Address Authority to Make Upcoming Appointments

Supreme Court Declines to Address Authority to Make Upcoming Appointments

The Florida Supreme Court dismissed a case that would have shed light on Governor Rick Scott’s ability to name three replacement justices as his term expires in January 19.  The end of three justices’ terms will coincide with Governor Scott’s expected last day in office, and of course the first day in office for his successor […]

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PIP Repeal Effort Will be Among 2018 Highlights

PIP Repeal Effort Will be Among 2018 Highlights

For the auto insurance industry, the potential repeal of Florida’s Personal Injury Protection (PIP), or no-fault, system has become an annual debate.  The 2018 legislative session will be no different as both legislative chambers are set to take up the issue. The Florida House of Representatives has advanced a version of PIP repeal that does […]

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Citizens Discusses Financial Soundness Following Irma

Citizens Discusses Financial Soundness Following Irma

Citizens Property Insurance Corporation recently updated its Hurricane Irma response and discussed the financial impact of the storm as the 2017 hurricane season has now drawn to a close.  Citizens reports that Irma will produce an estimated $1.2 billion in insured losses, but points out that the losses remain well within its claims-paying capacity. Citizens has […]

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OIR Approves Workers Compensation Rate Reduction

OIR Approves Workers Compensation Rate Reduction

The Florida Office of Insurance Regulation has issued a Final Order approving a 9.5% overall rate reduction and 9.8% premium level decrease for the National Council on Compensation Insurance (NCCI).  This reduction applies to new and renewal policies effective as of January 1, 2018. “I am pleased that today’s approval of NCCI’s rate filing will […]

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FSU Rises in Rankings…. for Risk Management and Insurance

FSU Rises in Rankings…. for Risk Management and Insurance

Florida State fans are accustomed to discussing rankings around this time of the year.  Typically, the rankings being discussed pertain to football and are associated with the playoff picture or bowl games.  This year, the football rankings are out the window, but another ranking warrants mentioning. FSU’s Dr. William T. Hold/The National Alliance program in […]

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FHCF Provides Early Look at 2018 Capacity

FHCF Provides Early Look at 2018 Capacity

The Florida Hurricane Catastrophe Fund continues to project that its single-season limit of $17 billion is available for reimbursements this year, some of which will be eroded by Hurricane Irma losses.  According to current estimates, Irma reimbursements could range from $3 billion to $6 billion, with $5.1 billion being the current point estimate. As the 2017 […]

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FHCF Projects Irma Losses Well Within Fund Balance

FHCF Projects Irma Losses Well Within Fund Balance

The Florida Hurricane Catastrophe Fund will be triggered as a result of Hurricane Irma, but expected reimbursements are likely to remain well within the fund’s existing resources.  The FHCF’s actuarial consultant projects that the FHCF will reimburse insurers for between $3 billion and $6 billion in losses, with $5.1 being an appropriate and conservative estimate.  […]

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OIR Conducts Public Hearing on Workers’ Compensation Rates

OIR Conducts Public Hearing on Workers’ Compensation Rates

The Florida Office of Insurance Regulation is holding a public hearing today to discuss NCCI’s proposed overall statewide average workers’ compensation premium decrease of 9.6%.  The rate filing includes a statewide average rate decrease of 9.3% and a reduction of the fixed expense cost applicable to every workers’ compensation policy in Florida from $200 to […]

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Cat Fund Expects to Reimburse Insurers But No Assessments

Cat Fund Expects to Reimburse Insurers But No Assessments

Florida Hurricane Catastrophe Fund Chief Operating Officer Anne Bert provided an update to key legislative committees this week relating to the FHCF’s expected reimbursement obligations arising from Hurricane Irma.  Ms. Bert stated that current projections suggest the FHCF’s ultimate losses from Irma will be between $3 billion and $5 billion.  This amount is well-within the […]

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OIR Updates Irma Response

OIR Updates Irma Response

Insurance Commissioner David Altmaier provided updates to the Florida Senate and House of Representatives committees responsible for overseeing insurance issues.  Commissioner Altmaier began by summarizing steps the OIR took prior to Hurricane Irma to prepare for the event and provide information to insurers.  These steps included press releases and other consumer-oriented communications, outreach to insurers […]

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