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One of the inevitable results of reforming an insurance system is that groups traditionally profiting from the system see their recoveries limited under the new law. This is the case with the Personal Injury Protection reforms passed by the Florida Legislature during the 2012 session. Before and during the session, policymakers called for reforms that […]
The Office of Insurance Regulation has announced it will hold a filing conference titled, “Successful Strategies for Business Development” on June 14, 2012. In past years, the OIR has held similar conferences relating to its form and rate filing processes, requirements and reviews. Details about the conference are being developed and are expected soon. Registration […]
The legislature passed a bill (HB 941) that included a provision eliminating the excess profits calculation for workers’ compensation and employer’s liability insurance. The excess profits provision, currently located at section 627.215, Florida Statutes, requires insurers to report their premiums, losses and expenses in the affected lines of business by July 1 of each year. […]
The Florida legislature did not adopt proposed changes to the size of the Florida Hurricane Catastrophe Fund during the 2012 session. Jack Nicholson of the FHCF developed a proposal he referred to as “right-sizing” the cat fund to ensure it has access to enough resources to pay promised reimbursements without regard to poor global market […]
After intense debate throughout the 2012 legislative session, the Florida House of Representatives and Senate reached a compromise on reforms for Florida’s Personal Injury Protection (PIP) auto insurance system. The bill and its reform proposals were the subject of considerable analysis and discussion prior to the session and throughout its two-month term. Insurance Commissioner Kevin […]
The legislature passed a bill in the recently concluded 2012 session changing the way Citizens will recover deficits through assessments. The bill was unique in that it enjoyed broad support from the Office of Insurance Regulation, the Insurance Consumer Advocate, Citizens Property Insurance Corporation and the insurance industry. Despite this support, the proposal was in […]
A proposal to allow surplus lines insurers to remove policies from Citizens Property Insurance Corporation failed in the waning days of the session. Lawmakers considered ways of reducing the size of Citizens, and one proposal that emerged was to allow surplus lines insurers to assume policies from Citizens using a process similar to that used […]
The Florida legislature wrapped up its 2012 regular session yesterday, but they’ll be back next week for a special session on redistricting. Just as the session was wrapping up, lawmakers learned that the Florida Supreme Court rejected the newly drawn Senate districts by a 5-2 vote. The Court approved the House plan. This means the […]
The 2012 legislative session is rapidly drawing to a close– at least the regular session, anyway. The session is scheduled to end tonight, and lawmakers will work at a frenzied pace to address bills that are bouncing back and forth between the chambers. No Florida session would be complete without a property and casualty insurance […]
The so-called “right-sizing” proposal of the Florida Hurricane Catastrophe Fund (FHCF) is on the agenda of the Senate Budget Subcommittee on General Government Appropriations today. This proposal would increase the FHCF’s retention over time, and reduce the amount of coverage it makes available to residential property insurers. I have written about this proposal, known in […]
