Legislature Increases Frequency and Detail of QUASR Reporting
Will the reporting system we’ve known for decades as “QUASR” get a new name? After all, the name is shorthand for the quarterly supplemental reporting requirement by which insurers have provided information, on a quarterly basis and at the county level, about the number of policies they have written, canceled and nonrenewal. However, in the recently concluded legislative session, the Florida legislature amended section 624.424(10) such that beginning January 1, 2025, insurers will begin reporting the information monthly, at the ZIP code level.
The elements of the period reports will remain the same and continue to include:
- Total number of policies in force at the end of each month
- Total number of policies canceled
- Total number of policies nonrenewed
- Number of policies canceled due to hurricane risk
- Number of policies nonrenewed due to hurricane risk
- Number of new policies written
- Total dollar value of structure exposure under policies that include wind coverage
- Number of claims open each month
- Number of claims closed each month
- Number of claims in which alternative dispute resolution has been invoked (including type)