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The Florida Office of Insurance Regulation has released its 2010 annual report on the workers’ compensation insurance industry in Florida. The report reviews the availability and affordability of workers’ compensation insurance coverage in Florida to assess the current state of the market. The report finds that the Florida market is competitive, as evidenced by a large number of insurers writing […]
The new year marks a new beginning for Florida’s Financial Services Commission. Under Florida’s regulatory structure, the Governor and Cabinet make up the four-member Financial Services Commission. This collegial body has rulemaking authority for the Office of Insurance Regulation and Office of Financial Regulation. In addition, the Financial Services Commission is responsible for employing the […]
The Senate Committee on Banking and Insurance has issued Interim Report 2011-104, Issues Relating to Sinkhole Insurance, discussing concerns with sinkhole coverage in Florida’s property insurance market. The report summarizes the increased frequency and severity of property insurance claims for sinkhole losses over the years. The report cites the high costs of investigating claims and […]
The regulatory reform transition team assembled by Governor-elect Rick Scott has released a document summarizing some of the key elements that will guide the Governor’s administration in the coming months and years. The summary asserts that Florida’s regulatory system in general has lost touch with its strategic purpose and has a culture of imposing barriers rather […]
Florida’s First District Court of Appeal has ruled that a statutory ban on solicitations by public adjusters for 48 hours following losses violates the Florida Constitution. The Florida legislature enacted a 48-hour solicitation ban in 2008 as part of a series of reforms. The Florida Department of Financial Services interpreted the statute not to prohibit […]
The Florida Office of Insurance Regulation has entered into a Consent Order with Renaissance Reinsurance Ltd. approving it as an eligible reinsurer and allowing it to transaction property catastrophe reinsurance in Florida with reduced collateral requirements. OIR approved the modified collateral requirements for RenRe in part because the reinsurer has almost $1.5 billion in statutory […]
The Florida Hurricane Catastrophe Fund on December 17, 2010 proposed amendments to administrative rules adopting its exposure and loss reporting forms. The proposed revisons would make a series of changes to the FHCF data call, to which insurers respond each year providing the characteristics of their in-force portfolios. In addition, the proposed rules would amend […]
The Florida Department of Revenue is moving forward with rulemaking that will require insurers to submit premium tax returns electronically. The new electronic system will be in place by the time returns are due in 2011, although insurers will be able to request waivers if they are unable to comply. The Department of Revenue has […]
Senate President Mike Haridopolis has appointed members of the Senate to its various committees, including the Banking & Insurance committee. Senator Garrett Richter, R-Naples, continues to serve as chairmain of the committee and Senator Chris Smith, D-Fort Lauderdale, remains the vice chair. Other members of the committee include J.D. Alexander, R-Lake Wales, Mike Bennett , R-Bradenton, Ellyn Bogdanoff , […]
The insurer report card rule reportedly must go through the rulemaking process again if it is to move forward. The rule originally was scheduled to be presented for final adoption at a November Cabinet meeting, but it was deferred until the December 7 meeting. However, it was then withdrawn because the rulemaking process would have exceeding the […]
