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An insurer with $25 million or less in surplus and writing at least 25% of its countrywide property insurance premiums in Florida may file a petition to become a “limited apportionment company.” By law, an insurer must submit its request to be a limited apportionment company within the first 90 days of each calendar year. […]
The Department of Financial Services (Department) has long maintained a rule chapter, 69B-231, that is intended to establish standards for implementing Department’s duties to impose disciplinary action under sections 626.611, 626.621, 626.631, 626.641, 626.681 and 626.691, Florida Statutes, and to describe likely penalties and procedures for determining appropriate penalties for all resident and nonresident insurance […]
Florida’s Office of Program Policy Analysis & Government Accountability has released Report No. 10-06 relating to the regulation of public adjusters in Florida. The title of the report notes that, “Public Adjuster Representation in Citizens Property Insurance Corporation Claims Extends the Time to Reach a Settlement and Also Increases Payments to Citizens’ Policyholders.” The report […]
Loranne Ausley, a former state representative from Tallahassee, has announced that she intends to run for the Chief Financial Officer position being vacated by Alex Sink. Ausley, a Democrat, had been running for the state Senate and raised about $274,000 for that campaign. However, she now moves to a race in which the Democratic party […]
The Florida Office of Insurance Regulation announced in late 2010 that it was withdrawing the insurer report card rule. This announcement was viewed favorably by many members of the industry because they had commented throughout the workshop and hearing process that the grading formula presents serious concerns. Although the OIR indicated at the time it […]
State Senator Dave Aronberg has indicated that he intends to pursue legislation in the 2010 session trying to address concerns over contaminated Chinese drywall. Senator Aronberg proposes that the state convene a task force to study the issue further. In addition, Aronberg wants the state to adopt standards relating to the permissible content of drywall […]
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 […]
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 […]
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 […]
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 […]
