News
NRRA Implemented
The Florida Surplus Lines Office and the Department of Financial Services (collectively “Florida”) moved forward on July 1, to implement the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) enacted by Congress and chapter 2011-46, Laws of Florida, enacted by the Florida Legislature. Florida selected July 1 as the date the surplus lines risks for …
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RTYC Insurance Practice Named to Chambers’ Top Tier
The insurance practice at Radey Thomas Yon & Clark, P.A. has again been named a Top Tier Practice by Chambers USA. Chambers again cited the work of David Yon, Harry Thomas, and Travis Miller as key components of the firm’s strong presence in insurance law. Chambers mentions that RTYC “has a reputation for being able …
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OIR Announces Personnel Changes
Florida Insurance Commissioner Kevin McCarty has announced announced a series of staff changes at the Florida Office of Insurance Regulation (OIR). Al Willis has been appointed acting Deputy Commissioner for Property & Casualty. Mr. Willis previously was the Director of Life & Health Financial Oversight and has been with OIR since 1987. He earned a bachelor’s degree in …
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OIR Releases Annual Report
The Florida Office of Insurance Regulation has released its most recent annual report on the state of the Florida insurance market. The report describes the organizational structure of the Office of Insurance Regulation. In addition, the report discusses the economic impact of the insurance industry in Florida, stating that the industry accounts for $19.9 billion …
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Regulatory Reform Transition Team Releases Summary Document
The regulatory reform transition team assembled by Governor-elect Rick Scott has released a document summarizing some of the key elements that will guide the Governor’s administration in the coming months and years. The summary asserts that Florida’s regulatory system in general has lost touch with its strategic purpose and has a culture of imposing barriers rather …
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Office of Insurance Approves Lower Collateral Requirements for RenRe
The Florida Office of Insurance Regulation has entered into a Consent Order with Renaissance Reinsurance Ltd. approving it as an eligible reinsurer and allowing it to transaction property catastrophe reinsurance in Florida with reduced collateral requirements. OIR approved the modified collateral requirements for RenRe in part because the reinsurer has almost $1.5 billion in statutory …
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Premium Tax Reporting Moves to Electronic Format
The Florida Department of Revenue is moving forward with rulemaking that will require insurers to submit premium tax returns electronically. The new electronic system will be in place by the time returns are due in 2011, although insurers will be able to request waivers if they are unable to comply. The Department of Revenue has …
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OIR to Review Sinkhole Claims Problem
The Office of Insurance Regulation has heard reports of increased frequency for sinkhole claims, particularly in areas of Florida that are not usually identified with sinkhole problems. Mounting sinkhole losses for Citizens Property Insurance Corporation and admitted market insurers have prompted the OIR to send a data call to insurers to develop more information from …
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Florida's massive reinsurance fund is much smaller this storm season
The size of Florida’s state-created reinsurance fund has dramatically reduced in size this storm season. A combination of market forces, as well as a higher cost now attached to certain types of coverage, has resulted in a much smaller Florida Hurricane Catastrophe Fund. The Cat Fund as it is known had up to $8 billion …
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Florida regulators investigate rash of sinkhole claims
State insurance regulators are investigating what they see as a surge in sinkhole claims outside the traditional “sinkhole alley” in Hernando and Pasco counties.
As sinkhole claims rise, credibility in question
April Stiller saw the cracks along the walls and floor tile in her ’70s-era house in Martin County and assumed it was normal wear and tear.
Special Session Ends Quickly, No Insurance Issues Involved
The Florida legislature left Tallahassee nearly as quickly as they arrived last week. Governor Crist called the special session for the purpose of potentially adopting a constitutional amendment prohibiting oil drilling. The amendment could have been placed on Florida’s ballot this fall. However, opponents of adopting such an amendment point out that drilling is already prohibited …
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Judge: Policy didn't cover Chinese drywall damage
RICHMOND, Va. — An insurance company doesn’t have to pay for damages at a Virginia man’s home ruined by Chinese-made, sulfur-emitting drywall, a decision by a federal judge Thursday that could affect how lawsuits by thousands of U.S. homeowners are settled. Judge Robert G. Doumar in U.S. District Court in Norfolk said in the ruling …
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