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Property insurance issues have dominated the legislative session in nearly every year since Hurricane Andrew. If property insurance was not the most prevalent issue in a given session, it certainly ranked in the top five topics being considered. Over the last twenty years, the legislature has established the Florida Hurricane Catastrophe Fund, merged the former […]
The Office of Insurance Regulation has provided the following overview is intended to assist the industry in understanding the PPACA filing process and deadlines, as well as, to provide insight into how the Office will allocate resources to meet federal timeframes. PPACA Filing Deadlines According to the final United States Department of Health & Human […]
Bills working their way through the 2015 legislative session would limit the use of drones with imaging devices, but would allow legitimate uses such as for insurance underwriting or claims activity. SB 766 and HB 649 are moving through their respective chambers and would amend Florida’s Freedom from Unwarranted Surveillance Act. The bills would restrict […]
The Florida Hurricane Catastrophe Fund is seeking authorization from the Trustees of the State Board of Administration to explore, negotiate and enter into a combination of risk transfer products and/or pre-event notes totaling up to $2.2 billion. The Trustees of the State Board of Administration are the Governor, Chief Financial Officer and Attorney General. The issue […]
The policy count at Citizens Property Insurance Corporation has dropped below 600,000, reaching an all-time low. Citizens was created a dozen years ago with the merger of the Florida Residential Property and Casualty Joint Underwriting Association and the Florida Windstorm Underwriting Association. At that time, the newly combined organization had 602,000 policies. Citizens broke that […]
A new law passed in this 2015 legislative session moves Florida’s presidential preference primary to the third Tuesday in March. This means the primary will take place March 15 rather than March 1 as would have been the case under prior law. The new date is the earliest the state may hold its primary while […]
The Eleventh Circuit Court of Appeals has asked the Florida Supreme Court to determine which of two Florida statutes control in two cases involving alleged stranger-originated life insurance (“STOLI”) policies: section 627.404, which requires a person who buys a life insurance policy to have an insurable interest in the life of the insured at the […]
Insurance committees in both the House of Representatives and the Senate meet today to consider a range of bills. The action begins in the House at 9:00, where the committee will hear HB 715 relating to Citizens Property Insurance Corporation as well as several other measures. In the afternoon, the Senate Banking & Insurance Committee […]
The Office of Insurance Regulation has issued an order to insurers advising that the Citizens Property Insurance Corporation emergency assessment relating to a 2005 plan year deficit will end effective July 1, 2015. The OIR’s order follows action by the Citizens Property Insurance Corporation Board of Governors relating to the defeasance of bonds issued in […]
The 60-day Florida legislative session kicks off today. As always, the legislature will hear a number of bills related to property and casualty insurance as well as life and health insurance. Legislative committees already have been meeting and considering bills for the current session. In the property and casualty arena, the legislature may consider bills […]
