News & Updates

Insurance

Committee Meetings Begin with Property Market Overview

Committee Meetings Begin with Property Market Overview

The Florida legislature is returning to Tallahassee and preparing for its upcoming 2021 legislative session.  Several key legislative committees hold hearings this week including the Senate Banking and Insurance Committee. The agenda for this week’s Banking and Insurance Committee meeting consists of presentations by Insurance Commissioner David Altmaier and President and Chief Executive Office of […]

Continue Reading →

Altmaier Takes Over as NAIC President

Altmaier Takes Over as NAIC President

Florida Insurance Commissioner David Altmaier takes over as president of the NAIC effective January 2, 2021.  Altmaier succeeds outgoing president Ray Farmer of South Carolina. Commissioner Altmaier has served as Florida’s Insurance Commissioner since 2016.  He previously held held several positions within the Florida Office of Insurance Regulation including Chief Analyst of the Property and […]

Continue Reading →

Third District Upholds Restriction on Post-Loss Assignments

Third District Upholds Restriction on Post-Loss Assignments

Florida’s Third District Court of Appeal (DCA) added to a list of cases upholding the ability of policyholders to assign post-loss benefits under insurance policies.  The Third DCA reached this decision based on prior caselaw in Florida.  However, the court also  acknowledged that the Florida legislature revised Florida law in this area after the events […]

Continue Reading →

Altmaier to Become NAIC President

Altmaier to Become NAIC President

In their recent fall meeting, members of the National Association of Insurance Commissioners (NAIC) elected Florida Insurance Commissioner David Altmaier as the NAIC’s next president.  Altmaier succeeds outgoing president Ray Farmer of South Carolina. Commissioner Altmaier has served as Florida’s Insurance Commissioner since 2016.  Prior to being named Florida’s commissioner, Altmaier has held several positions […]

Continue Reading →

Record Hurricane Season Comes to an End

Record Hurricane Season Comes to an End

The beginning of December commences a celebratory time for many Floridians—  the Atlantic Hurricane Season ends on November 30 each year.  In 2020, we can be particularly thankful to see this hurricane season end.  Hopefully this will not be ruined by any post-season storms. The 2020 season set a record for named storms with 30, […]

Continue Reading →

Constitutional Proposals Could Alter Political Landscape

Constitutional Proposals Could Alter Political Landscape

While the presidential election commands the most attention and dominates the airwaves, a series of proposed constitutional amendments could have significant impacts on Florida politics.  Voters are faced with six potential amendments in 2020.  This is half the number of amendments that appeared in 2018, but the potential changes could be impactful nonetheless. In Florida, […]

Continue Reading →

AOB Question Certified to Florida Supreme Court

AOB Question Certified to Florida Supreme Court

Florida’s Fifth District Court of Appeal (DCA) has certified the following question pertaining to Assignments of Benefits (AOB) to the Florida Supreme Court as a matter of great public importance: Does article X, section 4(c) of the Florida Constitution allow the owner of homestead real property, joined by the spouse, if married, to assign post-loss […]

Continue Reading →

Licensees May Seek DFS Continuing Education Extensions

Licensees May Seek DFS Continuing Education Extensions

For a licensee needing additional time to complete continuing education requirements due to the pandemic or otherwise, The Florida Department of Financial Services (DFS) may grant a 90-day extension of time for good cause.  “Good cause” means an incident or occurrence which is beyond the control of the applicant and which prevents the completion of […]

Continue Reading →

Surplus Lines Tax Reduced as of July 1

Surplus Lines Tax Reduced as of July 1

The Florida surplus lines tax charged by the Florida Department of Financial Services (DFS) decreased from 5.0% to 4.94% effective July 1, 2020.  The reduction applies to all new and renewal policies with an effective date on or after July 1, 2020.  The tax applies to the total gross premium as defined in Florida Statute […]

Continue Reading →

EOC Scheduled to Reopen After COVID Closure

EOC Scheduled to Reopen After COVID Closure

Florida’s Emergency Operations Center (EOC) is scheduled to reopen today after a recent closure due to 12 positive COVID-19 tests among its personnel.  The state Division of Emergency Management began testing EOC personnel about three weeks ago as part of its precautionary measures.  When 12 of the 150 employees tested positive, the EOC quickly moved […]

Continue Reading →