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The legislature passed HB 189 in the 2015 regular session relating to the admissibility of receivables arising from the recoupment of Florida Insurance Guaranty Association (FIGA) assessments. Upon now being approved by the Governor, the new law takes effect July 1, 2015. The new law relates to FIGA assessments that are paid by an insurer before being […]
In the 2015 session, House Bill 165 became the vehicle that carried a variety of changes to the Florida Insurance Code. The bill passed both chambers of the legislature and now has been signed into law. Key provisions of the bill take effect July 1. Among its provisions, the new law: Eliminates the requirement for insurers […]
The Florida Department of Financial Services has proposed changes to rule 69B-231.020, which establishes the scope of licensees subject to the penalty provisions of rule chapter 69B-231. The rule currently specifies that the chapter applies to insurance agents, customer representatives, adjusters, navigators and service representatives licensed under Chapter 626 of the Florida Insurance Code. The […]
The Florida legislature is back in session from June 1 through as late as June 20 with the primary objective of passing a state budget. The special session became necessary when the House of Representatives abruptly ended its work in the regular session three days early over a disagreement with the Senate as to healthcare […]
The Fourth District Court of Appeal recently issued three opinions that compound the concerns of insurers dealing with increased claims costs due to assignments of benefits. This latest setback follows an earlier decision of the Fifth DCA rejecting an insurer’s argument that post-loss assignments should be prohibited based on a contractor’s not having an insurable […]
As with other aspects of the Florida residential property insurance market, the Florida Hurricane Catastrophe Fund (FHCF) continues to benefit from the recent run of hurricane-free years. Not only does the FHCF anticipate that it can fully meet is statutory limit of $17 billion in single-season capacity, most of the the FHCF’s current single-season capacity […]
The Florida Supreme Court has concluded that Citizens Property Insurance Corporation is not liable under section 624.155 for statutory first-party bad faith actions. The court in Citizens Property Insurance Corporation v. Perdido Sun Condominium Association, Case No. SC14-185, reasoned that the Florida legislature gave Citizens broad immunity from legal actions, with limited exceptions. Statutory bad […]
In response to increasingly significant cybersecurity risks and in an effort to protect the insurance industry’s data security and infrastructure, the NAIC has adopted the Principles for Effective Cybersecurity Insurance Regulatory Guidelines. The 12 guiding principles are intended to establish regulatory guidance for insurance companies, and encourage the industry to identify risks and adopt proactive […]
The Florida Office of Insurance Regulation has issued Informational Memorandum OIR-15-04M relating to “Use of Price Optimization in Premium Determination.” The memorandum concludes that insurers using so-called price optimization should submit filings to eliminate the use of those criteria, and going forward insurers should not use price optimization in their rate filings. The OIR notes […]
House Speaker Steve Crisafulli and Sentate President Andy Gardiner formally called the legislature into a special session to begin June 1. The special session might last until June 20, or such earlier time as the legislature may accomplish their constitutionally required objective of passing a budget. The special session became necessary when lawmakers could not […]
