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At least three-fourths of the next Financial Services Commission is known, as the races for Chief Financial Officer, Attorney General and Commissioner of Agriculture went to the Republican candidates. The fourth member of the Financial Services Commission– the Governor, remains to be determined although Republican Rick Scott continues to lead the tight race by a […]
The Office of Insurance Regulation has announced a workshop for November 17, 2010, to discuss proposed changes to administrative rule 69O-189.007 relating to to workers’ compensation excess profits reporting. The notable changes are not to the administrative rule itself, but to the OIR-B1-15 reporting form it incorporates by reference. Revised instructions to the reporting form would […]
At the end of the recent NAIC conference in Orlando, the Office of Insurance Regulation held a symposium on the state of Florida’s property insurance market. The session recapped many of the known concerns about the current market, including the role of sinkholes, re-opened hurricane claims, and public adjusters in driving up insurers losses and […]
The Senate Committee on Banking and Insurance has issued a brief on public adjusters as additional legislation is contemplated for the 2011 session. The brief begins with a recap of the public adjuster reforms that were included in SB 2044, which passed both chambers of the legislature in the 2010 but was vetoed by Governor […]
The Florida Office of Insurance Regulation has issued an Order on Rate Filing to the National Council on Compensation Insurance (NCCI) arising from its recent 8.3% rate request. The OIR did not find the full 8.3% to be justified, but does believe a 7.8% change is appropriate. NCCI selected an indemnity trend factor within the […]
Florida Insurance Commissioner Kevin McCarty and other state insurance commissioners recently wrote to U.S. Department of Health and Human Services Secretary Kathleen Sebelius regarding concerns with the medical loss ratio requirements arising from the Patient Protection and Affordable Care Act (PPACA). Under the PPACA, the National Association of Insurance Commissioners (NAIC) must develop uniform definitions […]
The Florida Office of Insurance Regulation has released a second Order establishing rates for additional product lines at Citizens Property Insurance Corporation. The Office of Insurance Regulation previously issued another order establishing Citizens’ homeowners insurance rates. The most recent Order sets Citizens’ dwelling fire rates at a 10.4% statewide average increase, which is slightly more […]
The Financial Stability Oversight Council is seeking comments on an advance notice of proposed rulemaking. Comments must be received by November 5, 2010, and should be submitted using the federal eRulemaking portal. The Dodd-Frank Wall Street Reform and Consumer Protection Act gives the Financial Stability Oversight Council the authority to require that a nonbank financial […]
The Florida Office of Insurance Regulation has released its 2010 annual report on the medical malpractice insurance industry. The Florida legislature requires the OIR to publish this report of medical malpractice financial data each year. The OIR observes in the report that insurers achieved a return on surplus of 6.6% in 2009, marking their sixth […]
The Internal Revenue Service has promulgated Revenue Procedure 2010-36 providing guidance to homeowners with damage to their residences from corrosive drywall. The procedure allows an affected homeowner to treat damages from corrosive drywall as a casualty loss for income tax purposes and provides a “safe harbor” formula for determining the amount of the loss. Taxpayers […]
