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We often receive questions from insurers or agents relating to the requirements for exporting risks to the surplus lines market. These are fact-specific determinations that depend on the nature of the risks and the markets available to the agents. The Florida Department of Financial Services likewise reports receiving questions in this area and recently summarized […]
Policymakers in Florida and Connecticut appear to be moving in different directions as they evaluate the impact of insurance premium taxes in their respective states. Florida law currently provides for a salary credit against the insurance premium tax, which serves to partially offset insurers’ premium tax obligations based upon the salaries they pay to Florida […]
Under the authority of two executive orders, Governor Rick Scott is allocating approximately $15.8 million in state funds for emergency beach restoration projects in response to the damage caused by Hurricane Matthew in St. Johns, Flagler, Volusia and Brevard Counties. Hurricane Matthew caused significant beach erosion in many coastal areas. The funding made available by Governor […]
The Florida Department of Financial Services has issued a reminder to insurance agents and agencies that referral fees for inspectors are prohibited. DFS points out that an insurance agent, customer representative, or agency employee is prohibited from directly or indirectly accepting any compensation, inducement, or reward from an inspector for the referral of the owner […]
The Department of Financial Services (DFS) has issued a reminder to prospective insurance agency licensees to use caution when selecting their agency names. DFS notes that by law, it may disapprove the use of any true or fictitious name, other than the bona fide name of an individual, if the name violates certain guidelines. Specifically, an agency name […]
As we begin 2017, we can expect some of the high profile issues addressed early in the year to be continuations of issues that gathered significant attention in 2016. One of the hottest topics early in the year is likely to be the state of Florida’s workers’ compensation insurance market. Beginning with reforms made in […]
The maximum personal residential coverage limits available from Citizens Property Insurance Corporation decreased as of January 1, 2017, in accordance with a law passed in 2013 providing for a gradual step-down in the limits. Effective January 1, the following risks are no longer eligible as new business or renewals: A structure that has a dwelling replacement […]
As required by a law passed in 2013, the maximum Coverage A amounts for Citizens Property Insurance Corporation’s personal residential coverage have been reduced again effective January 1, 2017. The following new business and renewals for personal residential risks are no longer are eligible for coverage in Citizens: A structure that has a dwelling replacement […]
As 2016 winds to a close, we can look back and see the impact this year’s events had on the Florida insurance market. In the property and casualty sector, we saw two hurricanes affect Florida after a decade without hurricanes. Fortunately, Hurricane Hermine remained a relatively small storm, and Hurricane Matthew stayed just offshore enough […]
The Florida Office of Insurance Regulation has filed a Notice of Appeal relating to a circuit court ruling issued last week that would block the implementation of a statewide average 14.5 percent increase in workers’ compensation insurance rates. In a press release announcing its decision to appeal, the Office of Insurance Regulation noted that Florida’s […]
