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NIMA, Inc. has announcesthat premiums reported under the Non-Admitted Insurance Multi-State Agreement (NIMA) have now exceeded $500 million in the year since the clearinghouse became operational. The clearinghouse first became operational on July 1, 2012. NIMA, Inc. advised that $281 million of the $531 million in reported premium has been directly allocated to the six participating members of NIMA, Inc. About $250 million […]
In Trinidad v. Florida Peninsula Insurance Company issued July 3, 2013, the Florida Supreme Court considered the scope of replacement cost coverage under the 2008 version of Section 627.7011, Florida Statutes. The statute provided that the insurer would pay the insured the replacement cost of his damaged property without regard to whether the insured repaired […]
On July 3, 2013, the Florida Supreme Court answered the following certified question relating to insurers’ efforts to limit medical reimbursements in Personal Injury Protection policies based on the Medicare fee schedules: WITH RESPECT TO PIP POLICIES ISSUED AFTER JANUARY 1, 2008, MAY AN INSURER LIMIT REIMBURSEMENTS BASED ON THE MEDICARE FEE SCHEDULES IDENTIFIED IN […]
In its third insurance-related opinion of July 3, the Florida Supreme Court in Washington National Insurance Corporation v. Ruderman answered the following questions certified to it by the United States Court of Appeals for the Eleventh Circuit: IN THIS CASE, DOES THE POLICY’S “AUTOMATIC BENEFIT INCREASE PERCENTAGE” APPLY TO THE DOLLAR VALUES OF THE “LIFETIME […]
On July 5, 2013, the Fifth District Court of Appeal issued its opinion in Angelotta v. Security National Insurance Company. The case involved an insured who was operating a leased modified golf cart on a public road when he sideswiped a car and ran into a lawfully parked golf cart operated by the injured party. […]
The Florida Office of Insurance Regulation has issued a new administrative order extending the opportunity to certify personal lines property and casualty insurance forms through December 31, 2013. The OIR previously issued orders allowing insurers to certify both commercial lines and personal lines forms, except for workers’ compensation forms. A newly enacted statute (section 627.4102) takes effect for […]
Under orders issued by the Office of Insurance Regulation last year, property and casualty insurers may certify their product forms’ compliance with the insurance code as an alternative to submitting them to the OIR for prior review and approval. The OIR’s most recent order, issued in December 2012 and numbered 130176-12, covers both commercial and […]
The Florida legislature in Senate Bill 468 created a new section 627.4102, Florida Statutes, relating to the informational filing of property and casualty product forms. The bill was approved by Governor Scott and became Chapter Law 2013-66. The new statute takes effect July 1, 2013. It allows insurers to certify the compliance of their property […]
Governor Rick Scott has signed SB 1842 pertaining to health insurance into law. The law makes changes to the Florida Insurance Code necessary to allow the state’s regulations to conform to the Patient Protection and Affordable Care Act (PPACA). Among its provisions, the new law will allow the Office of Insurance Regulation to review health […]
Senate President Don Gaetz recently discussed the possibility that the legislature could renew efforts in 2014 to repeal the salary tax credit available to insurers for employees hired within Florida. The Senate tried to repeal the salary tax credit this year and use the increased revenues to reduce motor vehicle registration fees by $12 per registration. Gaetz […]
