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Consumer Protection Laws Added to Florida Insurance Code

Consumer Protection Laws Added to Florida Insurance Code

HB 939 entitled “Consumer Protections” was passed by the Legislature and amends various statutes in the Florida Insurance Code among other changes.  The Governor approved the law on May 2, 2024, and the changes take effect July 1, 2024.  The insurance-related changes in the bill (1) add continuing education (CE) requirements for accountants used by […]

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Legislature Increases Frequency and Detail of QUASR Reporting

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 […]

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Legislature Passes Short-Term Premium Tax Relief

Legislature Passes Short-Term Premium Tax Relief

As the 2024 legislative session neared its close, the Florida legislature passed temporary premium tax relief on policies covering residential homestead property as part of House Bill 7073 (HB 7073). The bill will result in savings to consumers as the Florida property insurance market continues to adjust to reforms passed in late 2022 and early […]

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OIR Highlights Market Improvements

OIR Highlights Market Improvements

As the new year begins, the Florida Office of Insurance Regulation (OIR) recently took the opportunity to recap notable changes in 2023. The new year marks almost one full year in office for Commissioner Mike Yaworsky, who was nominated for the position in February 2023 and formally appointed in March. Commissioner Yaworsky recapped the year […]

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Market Showing Improvement in Small Steps

Market Showing Improvement in Small Steps

Almost a year ago, the Florida legislature passed significant reforms aimed at mitigating concerns in Florida’s residential property insurance market. At the time, the market was characterized by numerous insurer insolvencies, reduced appetites among admitted market insurers, rising rates and increasing reinsurance costs. At the time, policymakers urged patience because it would take months and […]

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Special Session Includes Post-Hurricane Relief

Special Session Includes Post-Hurricane Relief

The Florida legislature will convene this week in a brief special session addressing a limited number of topics. Among these, the legislature is expected to provide additional relief for areas affected by Hurricane Idalia and increase funding for the My Safe Florida Home program. Hurricane Idalia had a substantial impact on some of Florida’s rural […]

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Storm Losses Increase FHCF Reliance on Bonding

Storm Losses Increase FHCF Reliance on Bonding

The Florida Hurricane Catastrophe Fund (FHCF) projects that it would be able to meet its maximum single-season reimbursement obligation of $17 billion if the need arises. However, hurricane losses in recent years have reduced the FHCF’s available cash, increasing its anticipated reliance on post-event bonding. For the 2023-24 FHCF contract year, the insurance industry retains […]

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OIR Advances Proposed Administrative Rules

OIR Advances Proposed Administrative Rules

The Florida Office of Insurance Regulation (OIR) has taken the next step toward adopting administrative rules implementing recent legislation. The Financial Services Commission (FSC) recently authorized the OIR to formally publish drafts of the rules as proposed rules. The FSC consists of Florida’s Governor, Chief Financial Officer and Attorney General. These elected officials comprise a […]

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OIR Issues Emergency Order Following Idalia

OIR Issues Emergency Order Following Idalia

The Florida Office of Insurance Regulation (OIR) has issued an emergency order in the wake of Hurricane Idalia. Emergency Order 315284-23-EO contains prohibitions on cancellation and nonrenewals similar to those following other hurricanes in recent years. The Emergency Order applies to the following counties: Alachua, Baker, Bradford, Citrus, Columbia, Dixie, Franklin, Gilchrist, Hamilton, Hernando, Hillsborough, […]

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Governor Declares State of Emergency for Idalia

Governor Declares State of Emergency for Idalia

Even before Idalia reached tropical storm status, Governor Ron DeSantis issued Executive Order 23-171 declaring a state of emergency for 33 Florida counties. Counties subject to the declaration encompass a large portion of Florida’s Gulf coast, extending from Bay County (Panama City) to Sarasota County. The declaration of emergency activates certain portions of the state’s […]

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