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OIR Approves Workers Compensation Rate Decrease

OIR Approves Workers Compensation Rate Decrease

The Florida Office of Insurance Regulation has approved a statewide overall rate level decrease of 13.8 percent for workers’ compensation insurance rates. The approval applies to new and renewal workers’ compensation insurance policies effective as of January 1, 2019. The National Council on Compensation Insurance submitted a rate filing in late summer providing for a […]

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Recounts Leave Financial Services Commission Makeup Uncertain

Recounts Leave Financial Services Commission Makeup Uncertain

Several high profile races in Florida were decided, or at least appeared to have been decided, on election night by close margins.  At the state level, Republican Ron DeSantis looked like the winner in Governor’s race, Republican Jimmy Patronis prevailed as Chief Financial Officer, Republican Ashley Moody won to succeed Pam Bondi as Attorney General, and […]

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Election Day to Bring Changes to Governor and Cabinet

Election Day to Bring Changes to Governor and Cabinet

The Florida Cabinet consists of the state’s Chief Financial Officer, Attorney General and Commissioner of Agriculture. Together with the Governor, these officers serve as the agency head for several Florida agencies including the Office of Insurance Regulation and Office of Financial Regulation. Florida is in a unique position this year because Election Day guarantees to […]

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Hurricane Michael Changes Regulatory Focus

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 […]

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OIR Emergency Order Extends Deadlines in Panhandle

OIR Emergency Order Extends Deadlines in Panhandle

The Florida Office of Insurance Regulation has issued an Emergency Order applicable to Florida’s Panhandle and Big Bend regions.  The order requires insurers to rescind recently issued cancellation and nonrenewal notices and to extend policyholders’ deadlines.  It is similar to one issued last year following Hurricane Irma, although this year’s order covers a narrower area light of Hurricane […]

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Pulling Together

Pulling Together

“There but for the grace of God, we are still here.  It’s like when something bad happens in New York City, they are Americans for a short while.  They pull together.  We are like that.  We are all Americans right now.  It will take a little while before we go back to our corners and […]

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Hurricane Michael Prompts Closures

Hurricane Michael Prompts Closures

State offices throughout the Florida Panhandle and Big Bend are closed as the state braces for Hurricane Michael. The state’s emergency operations, of course, remain open and active. In addition, insurance commissioner David Altmaier has said senior Office of Insurance Regulation officials are working remotely as the OIR’s offices are closed for regular business. Hurricane […]

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Governor Declares Emergency with Michael Tracking Toward Gulf Coast

Governor Declares Emergency with Michael Tracking Toward Gulf Coast

Governor Rick Scott has declared a state of emergency for Northwest Florida as Hurricane Michael takes aim at the region.  The state of emergency covers 26 counties in the Panhandle, through Tallahassee and eastward.  If the storm continues to move as anticipated, we can expect closures of state offices, schools and similar organizations later in […]

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OIR Summit to Cover Current Regulatory Issues

OIR Summit to Cover Current Regulatory Issues

The Florida Office of Insurance Regulation (OIR) is hosting the next edition of its industry summit on October 24-25 in Tallahassee.  The OIR has hosted several similar summits in the past to discuss emerging issues of interest to regulators and the insurance industry. Early versions of the summit concentrated on the form and rate filing […]

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Divided Florida Supreme Court Sends Bad Faith Message

Divided Florida Supreme Court Sends Bad Faith Message

In a 4-3 decision, the Florida Supreme Court in Harvey v. GEICO General Insurance Company sent a sobering message to insurers. In Harvey, the insured was involved in an accident with another driver who died as a result of his injuries. The insured was covered under a policy providing $100,000 in liability coverage. The majority […]

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