News & Updates

Insurance

New Notice Required for Insurers Using Credit Reports

New Notice Required for Insurers Using Credit Reports

Effective January 1, 2022, insurers using credit reports or credit scoring for underwriting or rating purposes must provide a new notice to consumers.  The notice must state: The Department of Financial Services offers free financial literacy programs to assist you with insurance-related questions, including how credit works and how credit scores are calculated.  To learn […]

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Residential Property Insurers Face New Reporting Requirement

Residential Property Insurers Face New Reporting Requirement

The new year brings the initial reporting period for a new closed claim reporting obligation applicable to residential property insurers.  In the 2021 legislative session, the Florida Legislature adopted SB 76 which, among other things, amends Section 624.424 pertaining to insurers’ annual statements. The new requirement specifies that beginning January 1, 2022, each authorized residential […]

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New Year Promises Fast Start in Florida Politics

New Year Promises Fast Start in Florida Politics

The new year will get off to a fast start in Florida governmental affairs and promises to active at least until we approach the next holiday season.  This year is an election year in Florida.  This means the Florida legislature will meet early in the year, with the session beginning January 11.  The 60-day session […]

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FHCF Projects $17 Billion in Single Season Capacity

FHCF Projects $17 Billion in Single Season Capacity

The Florida Hurricane Catastrophe Fund (FHCF) projects that will be able to satisfy its $17 billion in single-season reimbursement obligations if called upon.  The FHCF releases its estimated claims-paying capacity in May and October of each year.  In its October estimate, the FHCF anticipates it would reach the $17 billion single season cap through $11.3 […]

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OIR to Receive Public Input on NCCI Workers’ Compensation Filing

OIR to Receive Public Input on NCCI Workers’ Compensation Filing

The Florida Office of Insurance Regulation (OIR) will hold a public hearing at 10:00 a.m. on October 14 to receive input regarding the National Council on Compensation Insurance’s (NCCI’s) recent rate filing proposing an average decrease of 4.9%. According to NCCI, in 2020 the workers’ compensation insurance industry posted its fourth consecutive year of underwriting […]

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OIR to Adopt Rule Implementing Closed Claim Reporting Requirement

OIR to Adopt Rule Implementing Closed Claim Reporting Requirement

The Florida Office of Insurance Regulation (OIR) recently indicated it anticipates initiating rulemaking by November 1 with respect to the new closed claim reporting requirement in SB 76 (Chapter Law 2021-77).  Adopted in the 2021 legislative session, SB 76 added a new subsection (11) to Section 624.424 governing insurers’ submissions of annual statements.  The new […]

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Citizens Heading Toward 1 Million Policies

Citizens Heading Toward 1 Million Policies

Citizens Property Insurance Corporation’s president Barry Gilway recently projected the organization’s policy count could reach between 1 million and 1.3 million policies in 2022.  Its policy count has been increasing steadily since late last year as adverse market conditions have eroded capital and reduced insurers’ willingness to write policies in several areas of the state. […]

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Is PIP Repeal Dead?

Is PIP Repeal Dead?

Observers of Florida’s personal auto market are well aware of the legislative debates in recent years over the future of Florida’s no-fault Personal Injury Protection (PIP) insurance laws.  Proponents of PIP have pointed to it as a relatively fast, no-fault basis of ensure basic coverage amounts are in place for injuries arising from auto accidents.  […]

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FIO Requests Information on Climate Change

FIO Requests Information on Climate Change

The Federal Insurance Office (FIO) of the U.S. Department of the Treasury (Treasury) has issued a Request for Information (RFI) seeking public input on climate-related financial risks and their impact on the insurance industry. The RFI requests written comments from interested parties on or before November 15, 2021. As background, the FIO points out that […]

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Made in America Tax Plan Causes Concerns in Florida

Made in America Tax Plan Causes Concerns in Florida

The “Made in America” tax plan is drawing considerable opposition from observers familiar with Florida’s property insurance market.  Its provisions labeled Stopping Harmful Inversions and Ending Low-tax Developments (SHIELD) are intended to close loopholes allowing corporations to avoid taxes through multi-national business structures.  The proposal would establish a global minimum tax of 15 to 21%. […]

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