News & Updates

Insurance

OIR Memorandum Addresses Health Insurance Requirements

OIR Memorandum Addresses Health Insurance Requirements

The Florida Office of Insurance Regulation has issued Informational Memorandum OIR-10-03M relating to the recent federal health insurance legislation.  The memorandum identifies the following changes as being effective September 23, 2010, and applicable to a group health plan and a health insurance issuer offering group or individual health insurance coverage. Policies issued on or after September 23, […]

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11th Circuit Court Affirms Coventry Decision

11th Circuit Court Affirms Coventry Decision

Coventry First, LLC v Kevin McCarty, Commissioner of the Florida Office of Insurance Regulation (11th Circuit Court of Appeals) The 11th Circuit Court of Appeals issued an order on May 5, 2010 affirming a decision by the Northern District of Florida dismissing Coventry First LLC’s complaint for injunctive relief.  The Florida Office of Insurance Regulation […]

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Safeguard Our Seniors Heads to Governor’s Desk

Safeguard Our Seniors Heads to Governor’s Desk

Senator Mike Bennett, Representative Maria Sachs and CFO Alex Sink, among others, have been pursuing legislation for several sessions to increase regulatory protections for senior citizens in annuity transactions.  Although the proposals appeared at times to be stalled in the current session, they were amended onto a broader insurance bill at the end of the session […]

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Legislature Tries to Fix Condo Insurance Law Again

Legislature Tries to Fix Condo Insurance Law Again

The Florida Legislature incorporated changes to the condominium insurance law into a broader bill dealing with condominium issues.  The legislature passed similar changes in 2009, but Governor Crist vetoed the bill for unrelated reasons.  Insurers again in 2010 will have to await the Governor’s action on the broader bill to see if the much anticipated reforms […]

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New Emergency Assessments – FHCF

New Emergency Assessments – FHCF

The Office of Insurance Regulation issued an order levying a new emergency assessment for the Florida Hurricane Catastrophe Fund.  Effective January 1, 2011 insurers are to begin collecting 1.3% assessments on all applicable policies.  This assessment will replace the existing assessment levy of 1.0%.   The increase comes primarily has the result of claims from Hurricanes […]

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Property Bill Goes to the Wire; Cost Drivers at Issue

Property Bill Goes to the Wire; Cost Drivers at Issue

The 2010 legislative session begin with fairly widespread recognition that the residential property insurance market in Florida has been set back by several “cost drivers” warranting legislative attention.  The Florida Cabinet held discussions about why insurers have been losing money in recent years even without hurricanes affecting the state.  Insurance Commissioner Kevin McCarty identified for […]

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OIR Memorandum Provides Guidance on Reinsurance Coverage

OIR Memorandum Provides Guidance on Reinsurance Coverage

OIR has issued an informational memo OIR-10-01M notifying property insurers of a modified approach to the OIR’s requirements for minimum reinsurance coverage for catastrophe reinsurance.  The memo states: “This year the Office of Insurance Regulation (Office) will be looking at the totality of the catastrophe risk from multiple storms and ultimately the insurer’s ability to […]

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FSU Catastrophe Center Discusses Mitigation Discounts

FSU Catastrophe Center Discusses Mitigation Discounts

The Florida Catastrophic Storm Risk Management Center has released a report discussing implementation of Florida’s mitigation discount program for residential property insurance.  This report is the third in a series of recent studies identifying significant concerns with the way the current system of mitigation discounts has affected the residential property insurance market.  The Florida Commission […]

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Consumer Advocate Releases Report

Consumer Advocate Releases Report

The Consumer Advocate released his report to the legislature entitled “Claims Dispute Resolution Roundtable and Alternative Dispute Resolution Roundtable.”   The report follows two separate “roundtable” discussions held by the Consumer Advocate, the first regarding claims disputes and the second pertaining to alternative dispute resolution. The report notes the appraisal process has become very costly and […]

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OIR Proposes Changes to Model Audit Rule

OIR Proposes Changes to Model Audit Rule

The OIR has announced a notice of proposed rulemaking for Rule 69O-137.002, Model Audit Rule.  If requested a hearing will be held on April 23, 2010. Some highlights of the rule, which attempts to match Florida’s rule with the NAIC model.  1.  It now expressly requires: (a) Communication of Internal Control Related Matters in an […]

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