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The Tallahassee Democrat’s editorial this morning entitled “Controlling Citizens” makes some important points about the current state of the supposed residual market. The theme of the editorial is that policymakers should make Citizens Property Insurance Corporation an insurer of “last resort” again. The editorial points out that 23 percent of Florida properties are insured by […]
The Florida legislature is expected to take steps this session to improve the Florida property insurance market. After a series of committee meetings, some of the ideas are beginning to take shape. According to Senate Banking & Insurance Chairman David Simmons, the committee will have a bill dealing with issues relating to Citizens Property Insurance […]
Most observers would concede that Florida’s insurance code is complicated enough as it stands. In the health insurance context, it contains numerous requirements governing insurers, their financial requirements and obligations, product offerings and benefits, and other issues. This year, Florida lawmakers are dealing with an added dimension of complexity– reconciling the insurance code to the […]
The Florida Office of Insurance Regulation issued orders last year allowing property and casualty insurers to certify most products’ compliance with the insurance code rather than seeking prior approval of the forms. The orders are helpful to the Office of Insurance Regulation in reducing some of the workload associated with reviewing the filings. At the […]
After the Affordable Care Act became law, Florida officials did not take steps to immediately implement it. Due in part to budget considerations and to hopes that it might be repealed or revised after the fall 2012 election cycle, Florida policymakers deferred preparations for the new law. Now the legislature has committees devoted to the task. The Office […]
Insurance Commissioner Kevin McCarty has named Wences Troncoso the OIR’s Deputy Commissioner for Life & Health Insurance. Mr. Troncoso follows Michelle Robleto. The Deputy Insurance Commissioner for Life & Health oversees the Financial Oversight and Product Review sections of the Office of Insurance Regulation. These sections cover areas including review and approval of forms and rates and […]
Florida Chief Financial Officer Jeff Atwater spoke before the Senate Banking & Insurance Committee to say that “standing still” on Florida property insurance issues is not an option. Atwater encouraged the committee to pursue legislation designed to reduce the potential assessment burden on all Floridians that would arise from deficiencies in the state-created insurance entities. […]
Florida Insurance Commissioner Kevin McCarty presented ideas for “principle-based” insurance reform to the Senate Banking and Insurance Committee this afternoon. In his presentation, Commissioner McCarty identified several reasons the private market has difficulty competing with Citizens Property Insurance Corporation. Among these, the Commissioner noted a “mismatch” between primary rate levels and the mitigation discounts for […]
The New Year’s celebrations are over and it’s back to work in Tallahassee. Before the annual legislative session begins in March, the Florida Legislature will hold a series of committee weeks to continue considering proposals for 2013. The insurance-related issues under consideration will range from health insurance to property insurance to workers’ compensation. The following […]
Citizens Property Insurance Corporation often finds itself in the middle of widely varying opinions on how it should conduct its business. For everyone who says Citizens should reduce its size, someone else will say that Citizens indeed should offer below-market insurance products to consumers. The result, at least currently, is that Florida has a residual […]
