Hurricane Michael Changes Regulatory Focus
Hurricane Michael has prompted several changes in the Office of Insurance Regulation’s recent and upcoming schedule. The OIR’s early focus has been on assisting policyholders in the affected areas. In addition, the OIR implemented its post-event loss reporting process. Insurers must report their numbers of claims and estimated loss amounts on a daily basis in the weeks following the hurricane. As time goes on, the frequency of reporting will decline. However, the early reporting helps policymakers further understand the magnitude of the storm and the status of insurance-related aspects of the recovery.
The OIR canceled a hearing on the National Council of Compensation Insurance’s (NCCI’) annual rate filing. Still, the OIR will accept written comments relating to the filing. The OIR also postponed its conference originally planned for this week in Tallahassee. The conference presents a valuable opportunity for regulators and industry representations to discuss filing processes and other topics.
As is customary following hurricanes and other emergencies, the OIR also issued an emergency order extending regulatory deadlines. Insurers must rescind cancellation and nonrenewal notices issued in the affected areas in the days leading up to and following the storm. These actions must be deferred for 90 days.