News & Updates

Insurance

DFS Grants Licensing Flexibility During COVID-19 Crisis

DFS Grants Licensing Flexibility During COVID-19 Crisis

Florida’s Chief Financial Officer (CFO) Jimmy Patronis has issued directive 2020-07 allowing the Department of Financial Services to issue agent licenses even if the testing requirement is not met.  CFO Jimmy Patronis commented, “The licensing of insurance agents came to a complete standstill when a testing vendor shut their doors due to COVID-19. This has […]

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OIR Issues Memorandum on COVID-19 Preparedness

OIR Issues Memorandum on COVID-19 Preparedness

The Florida Office of Insurance Regulation has issued Information Memorandum OIR-20-03M related to insurers’ business continuity plans and preparedness for the COVID-19 pandemic.  The OIR issued the memorandum in response to Executive Order 20-51 issued by Governor Ron DeSantis establishing COVID-19 response protocols.  Governor DeSantis also issued Executive Order 20-52 declaring a state of emergency […]

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COVID-19 Update

COVID-19 Update

To our clients and friends, As efforts to mitigate the spread of the COVID-19 coronavirus intensify, Radey continues to emphasize the health and safety of our employees while providing the client service you’ve come to expect.  Currently, we are not experiencing any physical disruptions at our office or in the Tallahassee community.  However, in the […]

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OIR Issues Coronavirus Memorandum

OIR Issues Coronavirus Memorandum

The Florida Office of Insurance Regulation (OIR) issued informational memorandum OIR-20-01M to health insurers and HMO’s related to coronavirus.  The memorandum directs health plans to use available channels to communicate with policyholders, agents, providers and employees.  These communications should include information disseminated by the Centers for Disease Control and Prevention (CDC) and the Florida Department […]

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Rate Hearings Point to Continuing Concerns

Rate Hearings Point to Continuing Concerns

In December 2019, Joe Petrelli of Demotech, Inc. sent a letter of Barry Gilway of Citizens Property Insurance Corporation describing several concerns with Florida’s residential property insurance market.  Petrelli mentioned that several insurers could see downgrades to their Financial Stability Ratings.  He acknowledged that last year’s assignment of benefits (AOB) reforms might be beneficial later.  […]

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Legislative Session Creates Fast Start to New Year

Legislative Session Creates Fast Start to New Year

With this year’s legislative session nearly upon us, the holiday season soon will seem like just a blur.  The Florida legislature has one 60-day regular session each year.  This year, the session begins on January 14, 2020. The legislature tackled assignment of benefits (AOB) reform in the 2019 session.  The new law took effect mid-year, […]

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Commissioner Altmaier Named NAIC President-Elect

Commissioner Altmaier Named NAIC President-Elect

Florida Insurance Commissioner David Altmaier has been named President-Elect of the National Association of Insurance Commissioners (NAIC), effective January 1, 2020. Commissioner Altmaier has been Vice President of the NAIC during 2019. “I am honored to have been chosen as President-Elect of the NAIC. This year, we have made significant progress on many key issues. […]

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Florida Spared Significant Hurricane Activity in 2019

Florida Spared Significant Hurricane Activity in 2019

The 2019 Atlantic Hurricane Season has come to a close with little direct impact on Florida. This is welcomed relief after most areas of the state experienced damage in at least one of the three preceding years. The relative lack of hurricane activity in Florida this year might have more to do with luck than […]

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DFS Reminds Adjusting Firms to Designate Primary Adjuster

DFS Reminds Adjusting Firms to Designate Primary Adjuster

The Florida Department of Financial Services (DFS) reminds adjusting firms they must designate a primary adjuster. Adjusting firms must submit form DFS-H2-6364 for this purpose. A firm must submit its initial form before it commences operations in Florida. Currently, adjusting firms send the completed forms by email to Adjusters@MyFloridaCFO.com. The same form is used to designate, […]

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Cat Fund Advancing Rules for 2020 Season

Cat Fund Advancing Rules for 2020 Season

The Florida Hurricane Catastrophe Fund (“FHCF”) is in the process of adopting rules for the 2020 hurricane season.  The FHCF has scheduled a rule hearing for October 18 to discuss proposed changes to rule 19-8.010.  This rule annually adopts the then-current version of the FHCF contract.  Among other changes, the 2020 contract will incorporate the […]

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