Blog
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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New Life and Health Deputy Commissioner Starts Today
Michelle Robleto begins her new job as the Office of Insurance Regulation’s new Deputy Insurance Commissioner for Life and Health Insurance today. “Michelle Robleto is a consummate professional with an outstanding reputation in the health insurance industry, and as a public servant for the State of Florida,” remarked Commissioner Kevin McCarty. “I am confident she will …
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Commissioner McCarty Issues Order Regarding NCCI Rate Request
The Office issued an order on October 24, 2011 advising NCCI that its request for an overall rate increase of 8.9% would be approved if the NCCI modified its methodology for factoring in dividends. The increase is to become effective January 1, 2011. NCCI – OIR Order on Rate Filing OIR press release
FHCF Projects Shortfall
The Florida Hurricane Catastrophe Fund has released the October update of its fund balance. These projections take into account the FHCF’s cash on hand and its expected ability to issue bonds. For the current FHCF contract year, the FHCF has $18.4 billion in aggregate potential reimbursement obligations. However, the FHCF projects a $3.2 billion potential shortfall in …
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Rate Adjustment for Prescription Drug Reform Premature
The Office of Insurance Regulation has indicated that it is too early to adjust workers’ compensation rates for changes the Florida legislature might make next year to the manner in which workers’ compensation prescriptions are dispensed. The National Federation of Independent Business asked the OIR to cut 2.5% from the National Council on Compensation Insurance workers’ …
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Florida Minimum Wage Set for 4.9% Increase
Over the weekend, the State of Florida announced that the minimum wage would increase from $7.31 per hour in 2011 to $7.67 per hour starting January 1, 2012. The minimum wage for tipped employees will also increase from $4.29 per hour to $4.65. The increase is based upon a rising Consumer Price Index and Florida’s …
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FHCF Advisory Council to Consider Cat Fund Capacity
The Advisory Council of the Florida Hurricane Catastrophe Fund meets October 18, 2011, to consider the most recent analysis of the FHCF’s claims-paying capacity. The FHCF’s ability to reimburse participating insurers for covered losses consists of a combination of its cash on hand and its ability to issue bonds. By law, the State Board of …
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Right-Sizing FHCF Adds Certainty But Affects Market Competitiveness
One of the most significant legislative proposals for the upcoming session in the residential property arena will be reducing the size of the FHCF. Jack Nicholson of the FHCF has said that while the FHCF currently projects that it could meet its mandatory obligations, worldwide financial conditions have reduced the margin for doing so to …
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OIR Hears NCCI Request for Rate Increase
NCCI filed a request for a statewide average rate increase of 8.9% and the OIR held a public hearing to gather testimony and evidence regarding the request. Insurance Commissioner Kevin McCarty chaired the panel listening to the presentation of the NCCI. He was joined on the panel by Belinda Miller (General Counsel), Richard Koon (Deputy …
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OIR Names New Deputy Commissioner for Life and Health Insurance
The Office of Insurance Regulation has named Michelle Robleto as its new Deputy Insurance Commissioner for Life and Health Insurance. “Michelle Robleto is a consummate professional with an outstanding reputation in the health insurance industry, and as a public servant for the State of Florida,” remarked Commissioner Kevin McCarty. “I am confident she will be a …
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OIR Issues Memorandum to Health Insurers and HMO’s
The Florida Office of Insurance Regulation has issued an informational memorandum to all health insurers and HMO’s. The purpose of the memorandum is to notify health insurers and HMO’s of a recent amendment to the federal interim final rules relating to Internal Claims and Appeals and External Review Processes. The OIR’s informational memorandum can be …
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PIP Working Group Resumes Analysis
The PIP Working Group convened by Insurance Consumer Advocate Robin Westcott resumes its consideration of the complex issues affecting the Florida market at an October 10, 2011 workshop. This workshop is part of a series of meetings scheduled by the Consumer Advocate to bring PIP stakeholders together. She intends for the process to culminate in …
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NLRB Delays Posting Requirement Until Jan 31, 2012
The National Labor Relations Board (NLRB) has postponed the implementation of its new posting rule regarding employee rights information. In a press release issued Wednesday, October 5, 2011, the NLRB announced that the new employee rights posting requirement would not be effective until January 31, 2012. The press release can be found here: https://www.nlrb.gov/news/posting-employee-rights-notice-now-required-jan-31-board-postpones-deadline-allow-further-educa According to …
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New Exemptions to Commercial Insurance Rates Go Into Effect
In a session marked as much by what did not pass as what did pass, one of the most significant pieces of legislation that cleared all of the hurdles during 2011 was the Commercial Insurance Rates bill (House Bill 99, Chapter 2011-160, Laws of Florida). The first version of this passed the Legislature and was …
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News from the Florida Surplus Lines Service Office
On September 30, 2011, The Florida Surplus Lines Service Office (FSLSO) sent notice of two changes. The first relates to the EMPA tax (Emergency Management Preparedness Assistance). As of October 1, 2011 this tax gets paid to the Florida Division of Emergency Management as a result of name changes and reorganizations implemented by the Governor. …
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