News
Citizens to Keep Assessment Level at 1%
Citizens Property Insurance Corporation has announced that the emergency assessment in effect to pay for 2004 and 2005 storm bonds will remain at 1%. This follows an earlier reduction in the assessment from 1.4% to 1%. Citizens revisits the assessment amount annually to ensure the assessments are generating enough money to retire the bonds. If the …
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Office of Insurance Regulation Releases PML Report
The Florida Office of Insurance Regulation (OIR) has released its Annual Report of Aggregate Net Probable Maximum Losses, Financing Options and Potential Assessments. The report describes the potential impact of 50-year, 100-year and 250-year events on the Florida Hurricane Catastrophe Fund (FHCF) and Citizens Property Insurance Corporation (Citizens). Events ranging from a 50-year storm to …
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OIR Approves Additional Citizens Rates
The Florida Office of Insurance Regulation has released a second Order establishing rates for additional product lines at Citizens Property Insurance Corporation. The Office of Insurance Regulation previously issued another order establishing Citizens’ homeowners insurance rates. The most recent Order sets Citizens’ dwelling fire rates at a 10.4% statewide average increase, which is slightly more …
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New Law Revises FIGA Recoupment Process
A bill passed in the 2010 legislative session relating to recouping Florida Insurance Guaranty Association assessments will become law effective July 1, 2010. The new law (Chapter Law 2010-49) streamlines the process by which insurers may recoup assessments levied by FIGA. An insurer seeking to recoup an assessment will make an informational filing with the …
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New Emergency Assessments – FHCF
The Office of Insurance Regulation issued an order levying a new emergency assessment for the Florida Hurricane Catastrophe Fund. Effective January 1, 2011 insurers are to begin collecting 1.3% assessments on all applicable policies. This assessment will replace the existing assessment levy of 1.0%. The increase comes primarily has the result of claims from Hurricanes …
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Don't deregulate insurance: Consumers only 'choice' would be bad
By Bill Newton, Brad, Sean M. Shaw and Sean M. Shaw, Brad Ashwell Posted: 6:05 p.m. Wednesday, Jan. 6, 2010Two legislators, Sen. Mike Bennett, R-Bradenton, and Rep. Bill Proctor, R-St. Augustine, have filed bills to deregulate residential property insurance rates in Florida. SB 876 and HB 447 would allow residential insurers to set premium rates without the approval …
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Hurricane Luck: Don't Ignore Fund
By BARNEY BISHOP III & TED GRANGER Published: Sunday, January 3, 2010 at 12:01 a.m. Last Modified: Saturday, January 2, 2010 at 6:36 a.m. Mother Nature’s present to Florida for the holidays – a hurricane-free storm season. Once again, we managed to escape a destructive hurricane season and the devastation that would have been left …
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Two Florida Legislators Revive Deregulation Bill
During the 2009 Legislative session Representative Bill Proctor, R-St. Augustine and Sen. Mike Bennett, R-Bradenton guided a “deregulation bill” through the Florida Legislature. The bill would have permitted many large insurers to offer homeowners insurance policies at rates that exceeded the approved rates they had on file. To be eligible for this reduced rate regulation, …
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FPIC hit with $1.2 million assessment
Jacksonville-based FPIC Insurance Group will take a $1.2 million hit to its fourth-quarter earnings as a result of a Florida Insurance Guaranty Fund assessment, the medical professional liability insurance company said Wednesday. The Florida Office of Insurance Regulation, at the request of the Florida Guaranty Association, has levied an assessment upon Florida property and casualty …
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