News & Updates

Insurance

Is PIP Repeal Dead?

Is PIP Repeal Dead?

Observers of Florida’s personal auto market are well aware of the legislative debates in recent years over the future of Florida’s no-fault Personal Injury Protection (PIP) insurance laws.  Proponents of PIP have pointed to it as a relatively fast, no-fault basis of ensure basic coverage amounts are in place for injuries arising from auto accidents.  […]

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FIO Requests Information on Climate Change

FIO Requests Information on Climate Change

The Federal Insurance Office (FIO) of the U.S. Department of the Treasury (Treasury) has issued a Request for Information (RFI) seeking public input on climate-related financial risks and their impact on the insurance industry. The RFI requests written comments from interested parties on or before November 15, 2021. As background, the FIO points out that […]

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Made in America Tax Plan Causes Concerns in Florida

Made in America Tax Plan Causes Concerns in Florida

The “Made in America” tax plan is drawing considerable opposition from observers familiar with Florida’s property insurance market.  Its provisions labeled Stopping Harmful Inversions and Ending Low-tax Developments (SHIELD) are intended to close loopholes allowing corporations to avoid taxes through multi-national business structures.  The proposal would establish a global minimum tax of 15 to 21%. […]

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Citizens Property Insurance Corporation Continues to Grow

Citizens Property Insurance Corporation Continues to Grow

Citizens Property Insurance Corporation has continued to grow at a troubling rate in recent weeks.  Its policy count topped 660,000 policies at the end of July.  This represents an increase of about 23,000 policies compared to its June total, meaning Citizens continues to add policies at a rate of more than 5,000 per week. Citizens […]

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Injunction Highlights Questions About Property Reform

Injunction Highlights Questions About Property Reform

SB 76 adopted in the 2021 legislation drew a lukewarm reaction, even among some of the lawmakers who supported property insurance reform.  One key advocate referred to the bill as accomplishing about 40% of what would be needed to improve Florida’s property insurance market. And that was before part of the law was declared unconstitutional. […]

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Governor Vetoes PIP Repeal Bill

Governor Vetoes PIP Repeal Bill

Governor Ron DeSantis ended weeks of speculation, persuasion and publicity campaigns when he vetoed SB 54, which would have repealed Florida’s Personal Injury Protection (PIP) law.  SB would have replaced the no-fault PIP system with certain mandatory bodily injury (BI) coverage. The potential repeal of PIP has been an annual topic in the legislature for […]

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Property Bill Brings Uncertain Impact

Property Bill Brings Uncertain Impact

Governor Ron DeSantis signed SB 76 into law and it takes effect July 1, 2021.  The new law reflects a series of compromises reached by the Florida legislature during the 2021 session.  Despite the compromises, bill sponsors believe the reforms will have a favorable effect on Florida’s residential property insurance market.  Other legislators have been […]

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Governor Signs Property Insurance Bill

Governor Signs Property Insurance Bill

Governor Ron DeSantis has signed this year’s primary property insurance bill, SB 76, into law.  Most of the bill’s provisions take effect July 1, 2021. The legislature passed SB 76 after extended debate leading into and during the 2021 legislative session.  As is often the case during the legislative process, the final bill reflects a […]

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Hurricane Season Begins with Prediction of Above-Average Activity

Hurricane Season Begins with Prediction of Above-Average Activity

As the 2021 hurricane season begins, forecasters look for this year to bring an above-average level of tropical activity.  Just this week, the Tropical Meteorology Project in the Department of Atmospheric Science at Colorado State University (CSU) updated its projections and continues to believe this year will produce an above-average number of storms.  Its forecast […]

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Questions Remain After Property Bill Passes Late in Session

Questions Remain After Property Bill Passes Late in Session

The 2021 Florida Legislature spent several months evaluating property insurance reform proposals.  The committee hearing process included testimony from Insurance Commissioner David Altmaier, Citizens Property Insurance Corporation CEO Barry Gilway and many others.  Despite these months of analysis, the primary property insurance reform bill (SB 76) was amended several times in the last week of […]

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