News
House Committee to Consider Bill to Help Market
The House insurance and banking subcommittee today considers a bill (HB 1127) that has broad support and would be one component of restoring private sector interest in the Florida property insurance market. The bill would reduce Citizens Property Insurance Corporation’s reliance on so-called regular assessments in favor of emergency assessments. The difference, of course, is …
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Health and Human Services Not Budging on Medical Loss Ratio
The U.S. Department of Health and Human Services has informed the Florida Office of Insurance Regulation that it will not reverse its decison to impose a medical loss ratio requirement of 80% on health insurers. The Florida Office of Insurance Regulation has been concerned for many months that imposing this medical loss ratio will be damaging …
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Committee OKs bill to whack doctors fees
Saying now is the “right time to do the right thing,” Sen. Alan Hays successfully maneuvered a bill that would limit how much doctors can charge or repackaged drugs in the workers compensation system.
Report: Florida workers’ comp market ‘competitive’
The state’s annual report on workers’ compensation insurance says Florida’s market is “competitive,” and its availability is not a significant problem.
Bill: Florida would join national insurance compact
TALLAHASSEE — Florida would join a group of 41 other states that have already standardized requirements and application procedures for life insurance, long-term disability coverage and other insurance products, under a measure filed Tuesday and backed by industry representatives and state regulators.
Bill Would Adopt Interstate Insurance Product Regulation Compact
Senate bill 1386 proposed for the 2012 legislative session would adopt the Interstate Insurance Product Regulation Compact in Florida and improve the efficiency of bringing certain products to market in this state. The bill recognizes that the marketplace for lif insurance, annuities, disability income insurance and long-term care insurance have changed over the years warranting …
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Saying Goodbye to 2011
December 31 marks the end of another calendar year, and with that we close the books on another active year in the Florida insurance market. Florida’s diverse population, large base of potential policyholders and unique political and market issues tend to mean that insurance-related topics are prevalent in each year’s headlines. We began this year …
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Fla. request in health care overhaul denied
Florida’s long-running feud with the federal government over the health care overhaul took another twist Thursday as federal officials turned down a request to waive a key requirement.
Report: Regulators using flawed data to push PIP changes
State leaders and regulators are relying on faulty data to develop legislation to fight automobile insurance fraud, according to a study released this week by the Florida Consumer Action Network.
You may get some hurricane insurance discounts back
Some homeowners who spent thousands on home improvements to guard against hurricanes and to qualify for insurance discounts lost them because of changes made last year by the state.
Matt Reed: Auto-insurance reforms should target fraud
This being Florida, the locals were bound to find ways to exploit or defraud our system of no-fault auto insurance, launched in the 1970s to curb exploitation and fraud.
Consumer Advocate Seeks PIP Data
Insurance Consumer Advocate Robin Westcott has requested information from insurers writing personal injury protection (PIP) auto insurance. The request for information, made through an open letter to the auto insurance industry, is designed to facilitate the Consumer Advocate’s analysis of problems with PIP and potential solutions. As noted in her letter, the Consumer Advocate has …
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Florida and Georgia Departments Enter Into Catastrophe Response Agreement
Florida Insurance Commissioner Kevin McCarty and Georgia Insurance Commissioner Ralph Hudgens have renewed an agreement between the states to ensure continuity of operations of mission critical functions in the event of a catastrophe that causes significant disruption to either state’s operations. Under the agreement, members of an affected state will use temporary workspace designated by …
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Commissioner McCarty Wraps Up Big Week
The last week has brought good news to Commissioner Kevin McCarty and the Florida Office of Insurance Regulation. Governor Risk Scott recently commented that he is saitisfied with the job Commissioner McCarty has been doing and expects the OIR to be part of the solution as he pushes toward reducing the size of Citizens Property …
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Being No. 1 No Cause to Celebrate
Ten years ago, Florida faced some of the highest worker-compensation insurance rates in the country. Lax policies in state law resulted in widespread and costly fraud that hit businesses squarely in their pocketbooks.
