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The Office of Insurance Regulation issued an Order disapproving a statewide average rate decrease of 3.3% for workers compensation insurance filed by the National Council on Compensation Insurance (NCCI). However, in doing so, the OIR specified revisions NCCI can make that will result in approval of a filing with a statewide average decrease of 5.2%. […]
The Governor and Cabinet serve as a collegial governing body known as the Financial Services Commission, which has rulemaking authority for the Office of Insurance Regulation. In addition, the FSC designates the insurance commissioner by a majority vote, with the Governor and Chief Financial Officer required to be on the same side. After last night’s elections, […]
At the OIR’s recent “Navigating the Changing Insurance Environment” conference, Director of Property & Casualty Financial Oversight David Altmaier highlighted several recent statutory revisions relating to the property and casualty insurance industry. First, Mr. Altmaier mentioned that the holding company registration statement will be due April 1. This is different than in recent years, when […]
Robert Ridenour of the Office of Insurance Regulation led an informative discussion of changes to the acquisition statement filing process at the recent OIR “Navigating the Changing Insurance Environment” conference. Section 628.461, Florida Statutes, has long governed the filings requires when a person seeks to acquire five percent or more of the outstanding voting securities […]
The Office of Insurance Regulation provided an overview of the trade secret filing requirements at its 2014 “Navigating the Changing Insurance Environment” industry conference. Virginia Christy of the OIR described the statutes that relate to trade secret filings and the process that ensues when a public records request encompasses documents marked as trade secrets. Florida […]
Insurance Commissioner Kevin McCarty welcomed a large group to Tallahassee on October 30, 2014, for the Office of Insurance Regulation’s 2014 industry conference entitled, “Navigating the Changing Insurance Environment.” The conference drew a large number of participants in person at the Florida State University Turnbull Conference Center, and others participated remotely through a live webcast. […]
The Florida Hurricane Catastrophe Fund (FHCF) recently announced that it anticipates being able to fully fund its $17 billion in initial season obligations and being able to support a large portion of a subsequent season’s obligations. Under its most recent projections, the FHCF would fall about $5 billion short of providing another $17 billion in […]
Throughout the campaign, most observers have said that the race between incumbent Rick Scott and former Governor Charlie Crist will go down to the wire. A recent poll heading into the early voting period suggests this remains the case. According to a Qunnipiac poll, Scott and Crist are deadlocked at 42 percent each among likely […]
In March of this year, President Obama instructed the USDOL Secretary to “modernize” the overtime regulations: http://www.whitehouse.gov/the-press-office/2014/03/13/presidential-memorandum-updating-and-modernizing-overtime-regulations. In particular, the President noted that the traditional white collar exemptions “have not kept up with our modern economy.” As a result, the President asked that the regulations be revisited. Since that time, the USDOL has been working on […]
The policy count at Citizens Property Insurance Corporation continues to decline, with further reductions projected over the next few months. Citizens had more than 1.4 million policies just two years ago. As of July 31 of this year, it had fewer than 950,000 policies. Citizens president Barry Gilway recent said he expects Citizens to have […]
