OIR Issues Emergency Order
The Florida Office of Insurance Regulation has issued an emergency order in the wake of Hurricane Irma. The order broadly applies to the insurance industry in Florida and is not limited to property insurers. At a high level, the order extends time periods that otherwise would apply for up to 90 days following Hurricane Irma. The order prohibits cancellations or nonrenewals of damaged properties until at least 90 days after the properties are repaired. The order also tolls regulatory review periods that would apply to OIR actions for 90 days.
In situations other than claims, the order extends the time periods in which policyholder must take actions until December 3, 2017 (except for new policies written after the hurricane). Cancellations and nonrenewals cannot take effect until at least October 15, 2017, and any notices of cancellation issued or mailed on or after August 25 must with withdrawn and reissued on or after October 15.
This are high-level summaries, and the order contains certain exceptions such as cancellations requested by policyholders.