The Office of Insurance Regulation has implemented an electronic filing system to simplify reporting rescinded policies. Section 627.728, Florida Statutes, requires private passenger automobile insurers to complete the underwriting of the policy and make a final determination of the correct premium for coverage within sixty (60) days after the effectuation of coverage unless an incorrect premium was charged due to material misrepresentation or fraud on the part of the insured in the application for insurance.
This is a notice that the Office of Insurance Regulation (Office) will be initiating a data call on 04/01/2016 for the purpose of Quarterly Comprehensive Health (QCH) data reporting. This data call is designed to replace the Quarterly Accident & Health Premium and Enrollment Reporting (commonly referred to as the SMG) which supplied information that was incorporated into the Managed Care Report.
On May 14, 2015, the Florida Supreme Court issued their opinion on whether the Florida Legislature intended Citizens Property Insurance Corporation, to be liable for statutory first-party bad faith claims as an exception to its statutory immunity from suit.
The purpose of this memorandum is to emphasize the requirements of the Florida Insurance Code in connection with insurers’ use or potential use of price optimization in determining policyholder premiums.
The Florida Office of Insurance Regulation released an actuarial report written by Pinnacle Actuarial Resources, Inc. (Pinnacle) that calculates indicated savings to be realized by insurers writing Personal Injury Protection (PIP) auto insurance in Florida.
The OIR has issued Informational Memorandum OIR-12-02M to assist insurers with the filings they will need to file in order to implement the notice requirement in s. 627.736(5)(a)(5), Florida Statutes from the passage of HB 119 during the 2012 Regular Legislative Session.