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Continuing concerns with water damage claims issues have prompted the Board of Governors of Citizens Property Insurance Corporation to sign off on a proposed 6.8 percent statewide rate increase. This reflects the average rate change, with some territories experiencing greater increases. In addition, the amount that Citizens can increase any policyholder’s rates is capped by […]
For the second time in six weeks, the Florida Supreme Court has held part of Florida’s workers’ compensation law to be unconstitutional. In Westphal v. City of St. Petersburg, the Supreme Court considered the constitutionality of section 440.15(2)(a), Florida Statutes, which cuts off disability benefits at 104 weeks for a worker who is totally disabled […]
Tropical Storm Colin underscored recent reminders about the need to be vigilant during hurricane season. As we entered last weekend, there was barely a mention of a storm event affecting Florida this week. However, seemingly from nowhere, Colin emerged and began making its way to the Florida gulf coast. By Monday, Governor Rick Scott declared […]
Since a Florida Supreme Court ruling last month, the Florida workers’ compensation market has been the subject of considerable speculation regarding the potential rate impact. That question was answered last week when the National Council on Compensation Insurance (NCCI) submitted a filing to the Florida Office of Insurance Regulation (OIR) providing for a 17.1 percent […]
Florida’s exit from the Nonadmitted Insurance Multi-State Agreement (NIMA) takes effect June 1. Florida becomes the second state to leave NIMA after Louisiana exited the agreement last year. Representatives of the Florida Office of Insurance Regulation (OIR) commented that while NIMA achieved its intended benefits for the participating states, they are disappointed that participation did […]
The Florida Office of Insurance Regulation has issued a request for proposals from firms interested in performing an analysis of alternatives to Florida’s Personal Injury Protection (PIP) laws. The OIR intends to engage a firm this month, with a goal of presenting a final report to executive and legislative branch officials by September 2. The […]
The Florida Office of Insurance Regulation has published notice of a public hearing relating to its adoption of the 2015 and 2016 NAIC Financial Condition Examiners Handbooks. Additionally, the Office of Insurance Regulation plans to hold a public hearing relating to its adoption of the current version of the NAIC quarterly and annual statement instructions […]
The Florida Department of Financial Services (DFS) reminds Florida health insurance agents that they may enter into contracts with consumers to charge a flat fee in lieu of receiving commissions from the insurer for individual health policies. This opportunity arises under the new SB 1386 passed in the 2016 legislative session. DFS attributes the introduction of […]
The insurance regulatory professionals of the Radey Law Firm are pleased to congratulate David Altmaier on his appointment effective immediately by the Governor and Florida Cabinet as Insurance Commissioner for the State of Florida. David was the Deputy Commissioner for Property and Casualty and has been with the Office of Insurance Regulation since 2008. He […]
The Governor and the Cabinet, sitting as the Financial Services Commission, met today and again interviewed candidates for the position of Florida Insurance Commissioner. Two new candidates were interviewed – OIR Chief of Staff Belinda Miller and Raymond Blacklidge, EVP of American Traditions Insurance Co. and Modern USA Insurance Co. – as well as second […]
