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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 […]
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 […]
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 […]
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 […]
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 […]
The Florida Commission on Hurricane Loss Projection Methodology continued its discussion of Florida’s mitigation discount program on October 29, 2009. The commission received testimony from several interested parties. Among these presentations, I gave the commission information about the effects of the current discount program on premium levels and insurers’ underwriting decisions. My comments highlighted several […]
Insurance Commissioner, Kevin McCarty, accepted the National Council on Compensation Insurance’s (NCCI) revised rate filing and issued an order approving a rate decrease of 6.8% on October 26, 2009. The Office and NCCI had previously reached an agreement on the amount of the decrease, 6.8%, but the Office took issue with some of the NCCI’s methodology, […]
Sean Shaw, Florida’s Insurance Consumer Advocate, has scheduled a second roundtable for November 18, 2009, to discuss possible improvements to the insurance claims settlement process. The Consumer Advocate hosted an initial roundtable on this topic over the summer and invited contractors and insurance claims personnel to discuss issues they have seen in determining the amount […]
The Florida Office of Insurance Regulation has released draft changes to its audit rule. The attached document shows substantial changes that the OIR is proposing to being its current rule into conformity with the Model Audit Rule. The Office of Insurance Regulation held a workshop on October 21, 2009, to discuss the draft changes. However, […]
Two lawsuits have been filed seeking declarations that certain provisions of the public adjuster law are unconstitutional. One suit was filed in Leon County on behalf of Fredrick W. Kortum, Jr. and one was brought in Miami-Dade County on behalf of three adjusting firms. The lawsuits challenge subsection 626.854(6) and subparagraph 626.854(11)(b)(2), Florida Statutes. The […]
