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By statute, the OIR is to adopt an administrative rule that creates a “report card” for personal residential property insurers. This is to include a letter-grade scale which grades each insurer on the number and nature of consumer complaints received by the Department of Financial Services against the insurer, the disposition of complaints, the average […]
At today’s Senate Banking and Insurance Committee meeting, the Committee responded favorably to all the proposed legislation on its agenda. SB844 amends the Insurance Code to enhance penalties for unethical annuities sales practices and provides additional consumer protections for senior citizens who purchase annuity products. SB844, introduced by Senator Bennett, was reported favorably by the […]
On February 1, Insurance Commissioner Kevin McCarty announced that he was removing the “acting” from Jack McDermott’s title, making him the Director of Communications for the Office of Insurance Regulation. His duties will include overall media relations, public information, speechwriting and content of all Office reports and publications. Jack has worked at the Office for […]
The Florida Commission on Hurricane Loss Projection Methodology has released its final Windstorm Mitigation Discounts Report discussing problems with the current mitigation discount process and recommending a series of potential solutions. The 2009 Florida Legislature asked the modeling commission to review the current process by which personal and commercial residential policyholders receive discounts on their […]
On January 28, 2010, a rule development workshop was held regarding proposed changes to chapter 69B-231, F.A.C., related to penalty guidelines for insurance representatives. This rule chapter sets forth penalties for various provisions of the Insurance Code by insurance representatives such as agents. The changes are being made in response to legislative additions and deletions […]
The Center for Insurance Research, part of the Risk Management & Insurance Program at the Florida State University College of Business, holds its first panel discussion luncheon today at 11:30. The distinguished panel will include German professor Dr. Andreas Richter, Moira Campion McConaghy of the National Association of Insurance Commissioners, and Kevin McCarty, Commissioner of […]
Richter is the chair of the Senate Banking and Insurance Committee. This bill would address an accounting problem created by last year’s change in the “contract year” for the Florida Hurricane Cat Fund coverage. Last year’s change was intended to help insurers negotiate their reinsurance agreements earlier in the year with much more lead time […]
Florida Attorney General Bill McCollum sent a letter to leaders of the U.S. House of Representatives and U.S. Senate setting forth the basis for his finding that the proposed federal health care bill is unconstitutional. The letter calls into question provisions of the health care bill that would require every American to purchase health insurance […]
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 […]
