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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 […]
United States Representative Paul Kanjorski of Pennsylvania has released a discussion draft of a strike-all amendment to H.R. 2609 that would create the Federal Insurance Office (FIO) as an office in the United States Department of the Treasury. Kanjorski’s amendment would be referred to as the Federal Insurance Office Act of 2009 and would set […]
