News
Our views: In the crosshairs
Property insurance changes encourage more gouging of homeowners. Brevard County has been spared hurricanes since 2005, when the remnants of Wilma barreled into town in late October, bringing flooding and destruction and knocking out power in thousands of homes.
Regulators press Nationwide, MetLife on life insurance practices
TALLAHASSEE — Insurance commissioners from across the country grilled executives from Nationwide and MetLife Thursday in Tallahassee on their life insurance business practices.
Law aims to overhaul hurricane insurance
Florida hasn’t been hit by a hurricane since the disastrous years of 2004 and 2005 — but the state’s property insurance companies say they are still losing money despite collecting billions in premiums.
Insurer to revise practices
DAYTONA BEACH — The Florida Office of Insurance Regulation on Wednesday announced a multimillion dollar settlement agreement with John Hancock Life Insurance Company. Boston-based John Hancock agreed to pay the state $2.4 million and to revise its business practices in unclaimed property for life insurance products. It also said it will revise its use of …
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OIR Holds Life Insurance Hearing Today
The Florida Office of Insurance Regulation holds a public hearing today beginning at 9:30 to discuss life insurance claims settlement practices. The OIR delivered investigative subpoenas to MetLife and Nationwide Life. The OIR has indicated it also is looking into other insurers’ claims practices. Florida is part of a national task force reviewing these issues. …
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Florida Surplus Lines Office (FSLO) Ready to Implement Nonadmitted and Reinsurance Reform Act (NRRA)
The Florida legislature passed Senate Bill 1816 authorizing the Florida Surplus Lines Office to implement NRRA, a Federal law designed to simplify surplus lines regulation by delegating most of the responsibility to the “home state” of the insured. How much taxation is actually simplified remains to be seen as a myriad of state laws and …
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A Look at SB 408′s Reinsurance Cost Recovery
In the property insurance arena, the legislative process is a delicate balancing act as the House and Senate attempt to make adjustments that will lead to insurance coverage that is both available and affordable while also ensuring that consumers are protected. SB 408, which recently passed in the legislature and is awaiting action by Governor …
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Bill lets insurers delay payouts to homeowners
If Florida homeowners fall victim to a hurricane this summer, they may end up paying for some repairs out of pocket, under provisions in a property insurance bill that landed on Gov. Rick Scott’s desk Wednesday.
Main Property Bill Addresses Sinkhole Concerns
The current sinkhole claims crisis was one of the primary property insurance issues in the 2011 session. Insurers have paid more than $1 billion in sinkhole claims so far according to an Office of Insurance Regulation data call. Unfortunately, reviews found that up to 3/4 of policyholders filing these claims don’t make repairs. This has …
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Property insurance measure heads for Gov. Scott
A property insurance overhaul aimed at generating more competition and reducing fraudulent sinkhole claims headed Thursday to Gov. Rick Scott after narrowly escaping the Florida Senate.
Florida House passes sweeping property insurance bill
Now that the House has passed its property insurance package, the question is: Will the Senate back it? The two proposals differ greatly. One of the biggest differences: The approach to rein in claims for sinkhole damage that insurers say are draining their coffers and driving up rates for all policy holders.
OIR to Review Life & Annuity Claims Practices
The Florida Office of Insurance Regulation has announced a public hearing at which it will investigate claims settlement practices in the life and annuity industry. The OIR has directed that representatives of two insurers appear in Tallahassee on May 19 to address its concerns, and OIR advises that it continues to examine other insurers. According …
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OIR promotes Partners in Recovery Program
OIR issues informational memorandum OIR-11-02M in late March to promote the Partners in Recovery Program, “a not-for-profit organization whose primary mission is to expedite the payment of property insurance claims following a disaster.” The memo makes the following observations: Partners in Recovery provides year-round insurance disaster preparation and response communications among the Department of Financial …
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Rate increase approved for State Farm
SEBRING – Many State Farm Florida Insurance Co. customers in Highlands County with homeowners’ policies could be paying more for coverage this summer.
Property insurance overhaul by Legislature aiding insurers or consumers?
TALLAHASSEE — One cracked kitchen tile didn’t worry Ryan Fullerton as he made a final walk-through of his Punta Gorda home before closing on it in May 2008.
