News & Updates

Insurance

Changes at the Top: 2010 Elections Will Shape Florida Government

Changes at the Top:  2010 Elections Will Shape Florida Government

With the holidays behind us and the 2010 legislative session fast approaching, considerable attention will turn to the many political races that promise to shape Florida’s future.  Many candidates used early starts in 2009 to raise money and put together the campaign infrastructures they will need to carry themselves to the primaries and general election […]

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Florida Attorney General Questions Health Care Bill

Florida Attorney General Questions Health Care Bill

Florida Attorney General Bill McCollum announced over the holidays that his staff will be reviewing the legality of the federal health-care bill.  McCollum, who is running for Governor, refers to the much-debated health-care bill as a “tax on living.”  He questions a requirement in the bill that all citizens either obtain insurance or pay into […]

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OIR Gathers Input on Mitigation Verification Form and Notice

OIR Gathers Input on Mitigation Verification Form and Notice

The Office of Insurance Regulation held a public hearing on December 21 to continue gathering feedback about revisions to its Uniform Mitigation Verification Inspection Form and its Notice of Premium Discounts for Hurricane Loss Mitigation.  The hearing attracted relatively few comments on the discount notice form.  A few participants commented that the description of mandatory […]

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State Farm Florida and OIR Resolve Withdrawal Request

State Farm Florida and OIR Resolve Withdrawal Request

State Farm Florida Insurance Company and the Florida Office of Insurance Regulation have entered into a Consent Order resolving a dispute arising from the insurer’s planned withdrawal from the Florida property insurance market.  State Farm Florida filed a withdrawal plan with the Office of Insurance Regulation announcing that it intended to discontinue its property insurance […]

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Two Florida Legislators Revive Deregulation Bill

Two Florida Legislators Revive Deregulation Bill

During the 2009 Legislative session Representative Bill Proctor, R-St. Augustine and Sen. Mike Bennett, R-Bradenton guided a “deregulation bill” through the Florida Legislature.  The bill would have permitted many large insurers to offer homeowners insurance policies at rates that exceeded the approved rates they had on file.  To be eligible for this reduced rate regulation, […]

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FSU Panel Discussion to Cover Regulatory Reform

FSU Panel Discussion to Cover Regulatory Reform

The Risk Management & Insurance department of the Florida State University College of Business is hosting a luncheon and panel discussion on January 28, 2010, on the topic of insurance regulatory reform.   Florida Insurance Commissioner McCarty has agreed to participate on the panel, along with Moira Campion McConaghy, manager of government relations for the NAIC, and […]

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OIR Approves Citizens’ High Risk Account Rates

OIR Approves Citizens’ High Risk Account Rates

The Office of Insurance Regulation has issued an order approving rates for the Citizens Property Insurance Corporation High Risk Account (HRA).  The HRA consists of Citizens’ most coastal exposures and includes personal residential, commercial residential, and traditional commercial exposures. By law, Citizens submits rate filings to the Office of Insurance Regulation, but unlike for typical […]

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CPSC Releases Additional Chinese Drywall Results

CPSC Releases Additional Chinese Drywall Results

On November 23, 2009, the U.S. Consumer Product Safety Commission (CPSC) released additional information in its ongoing review of the corrosive effects of Chinese drywall.  The CPSC released the results of a 51-home indoor air quality study, an electrical component corrosion study, and a fire safety component corrosion study.  The executive summary of the CPSC’s […]

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State and Federal Officials Study Chinese Drywall

State and Federal Officials Study Chinese Drywall

As Florida and other states sought to rebuild after the 2004 and 2005 hurricanes, building materials were at a premium.  Unfortunately, homeowners are now finding that certain drywall imported from China and used in building or repairing homes is toxic and is believed to be causing a variety of problem ranging from corrosion of pipes […]

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Citizens Rate Filing Approved for PLA

Citizens Rate Filing Approved for PLA

Citizens Property Insurance Corporation had its first rate increase in several years approved by Florida Insurance Commissioner Kevin McCarty on October 29, 2009.   The Order approves rates for the Personal Lines  Account and the Mobile Homeowners Physical Damage Accounts and Commercial Lines Accounts. The order approving the filing does not address the High Risk Accounts (coastal territories […]

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