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As 2014 comes to a close, several of the issues that commanded considerable attention during the year reached their resolution and set the framework for 2015 ahead. When we all return from the holidays, the legislative committee weeks will be upon us and the 2015 legislative session will begin before we know it. However, before […]
The Florida Department of Financial Services recently published a reminder relating to potential dealings with agents and other licensees whose licenses have been suspended or revoked. DFS points to a provision of the Florida Insurance Code providing that it is unlawful for a former licensee, during his or her period of suspension or revocation of a […]
The Florida Department of Financial Services recently highlighted the need for agents to updated their addresses in its Insurance Insights publication. In particular, DFS noted that many life and health agents work from home but lease the opportunity to use conference rooms for meeting with clients outside of their homes. In these cases, the agents […]
After the devastating series of storms in 2004 and 2005, Florida has enjoyed a run of essentially storm-free years. This has led to improved conditions in the private insurance market, and consequently to reductions in the policy count of Citizens Property Insurance Corporation. Citizens therefore expects that it in 2015 it will be able to […]
Beginning in 2015, the National Hurricane Center will be experimenting with a new weather advisory system that it intends will become fully operational by 2017. The new system will include publishing storm surge watches and warnings independently of those associated with wind damage. The advisories will include maps in which areas marked in red are […]
Citizens Property Insurance Corporation recently announced that it had 727,122 policies as of November 30, 2014. This is about half of Citizens’ policy count a few years ago when it reached a high of about 1.4 million policies. The Citizens portfolio consists predominantly of personal residential policies, although it continues to have significant commercial exposure […]
The Office of Insurance Regulation has approved a statewide average rate decrease of 5.2% for workers’ compensation insurance effective as of January 1, 2015. The National Council on Compensation Insurance (NCCI) initially filed for a 2.5% decrease in August but later amended the filing to provide for a 3.3% decrease. The OIR reviewed the filing and […]
The Office of Insurance Regulation issued an Order disapproving a statewide average rate decrease of 3.3% for workers compensation insurance filed by the National Council on Compensation Insurance (NCCI). However, in doing so, the OIR specified revisions NCCI can make that will result in approval of a filing with a statewide average decrease of 5.2%. […]
The Governor and Cabinet serve as a collegial governing body known as the Financial Services Commission, which has rulemaking authority for the Office of Insurance Regulation. In addition, the FSC designates the insurance commissioner by a majority vote, with the Governor and Chief Financial Officer required to be on the same side. After last night’s elections, […]
At the OIR’s recent “Navigating the Changing Insurance Environment” conference, Director of Property & Casualty Financial Oversight David Altmaier highlighted several recent statutory revisions relating to the property and casualty insurance industry. First, Mr. Altmaier mentioned that the holding company registration statement will be due April 1. This is different than in recent years, when […]
