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Over the last few years, we have grown accustomed to talking about Citizens Property Insurance Corporation’s rates being inadequate and serving as an impediment to policies finding coverage in the admitted market. However, as the rate glide path in 2010 has continued to take effect each year, an increasing number of insurers have been assuming […]
Citizens Property Insurance Corporation has announced that it will not add renewal policies to its clearinghouse until closer to November 1 rather than August or September as previously planned. Currently, new business entering Citizens goes through the clearinghouse process, which allows participating insurers to identify policies meeting their desired underwriting criteria and make offers of coverage […]
A new law limiting the ability of personal lines property and personal lines auto insurers to use gun possession or ownership information in underwriting or rating takes effect July 1. The legislature passed SB 424 during the 2014 legislative session, and the bill was signed into law as Chapter Law 2014-180. The new law amended Section 626.9541 […]
Senate Bill 708, now Chapter Law 2014-86, is perhaps best known for the Homeowners Claims Bill of Rights that personal lines residential insurers will be required to send to policyholders within 14 days of receiving claims. However, the Bill of Rights requirement does not take effect until October 1, 2014. In the meantime, other aspects […]
The assessment imposed by the Florida Hurricane Catastrophe Fund (FHCF) will end 18 months earlier than previously projected. Governor Scott and the Cabinet voted to terminate the assessment as of January 1, 2015 rather than the scheduled July 1, 2016, end date. The assessment currently is 1.3% of premiums. Insurers add the assessment amount to […]
As with prior legislative sessions, the 2014 session began with a variety of competing proposals affecting Citizens Property Insurance Corporation, many of which were intended to continue efforts to significantly reduce the size of the residual market. However, by the end of the session, the more ambitious proposals such as allowing surplus lines insurers to […]
HB 785 amended Florida’s workers’ compensation rating law to create flexibility in large-risk rating. The bill amends section 627.072 to specify that a retrospective rating plan may contain a provision allowing for negotiation of a premium between the employer and the insurer for employers having (i) exposure in more than one state, (ii) an estimated […]
The Office of Insurance Regulation has issued informational memorandum OIR-14-02M notifying insurers of changes to the I-File system relating to the handling of trade secret documents. The I-File system accepts, tracks and makes publicly available insurers’ form and rate filings. However, certain required documents might be trade secrets, which can be protected in the I-File system and […]
The Florida legislature adopted SB 542 intended to encourage admitted market insurers to write personal residential flood insurance programs. If approved by the Governor, the bill will make changes to Florida’s rating law and modeling review process to facilitate private flood products. Section 627.062, Florida Statutes, lists factors to be considered by the Office of […]
A $105 million tax cut package passed by the legislature on the last day of session includes a break from sales taxes for consumers purchasing hurricane preparedness supplies as the 2014 hurricane season approaches. Consumers buying hurricane supplies between May 31 and June 8 will be able to do so free from sales tax, assuming […]
