Radey is an AV-rated firm consisting of lawyers who practice before state agencies and in all state and federal courts.
NIMA announced in recent days that it has adopted a premium allocation method for distributing surplus lines premium taxes on casualty insurance. A NIMA release indicates that the newly adopted method will streamline the allocation and distribution of surplus lines premium taxes for surplus lines brokers and member states. NIMA believes it remains on track to launch its Surplus Lines […]
Policyholder groups and other interested parties in recent weeks have been debating various aspects of the coverage provided by Citizens Property Insurance Corporation. These discussions show the challenge of dealing with issues affecting a residual market as large as Citizens in a market as challenging as Florida. In some areas of the state policyholders generally […]
The Florida Office of Insurance Regulation (OIR) issued Informational Memorandum OIR-12-02M earlier this month providing guidance to insurers and they implement new Personal Injury Protection reforms. The Informational Memorandum coincided with Governor Scott’s signing HB 119 into law. The Informational Memorandum points out that one of the new provisions of the PIP reform requires insurers […]
The rate levels of Citizens Property Insurance Corporation have received considerable attention in recent weeks. Citizens committees have considered the possibility that under current law it should be charging actuarially sound rates for new customers and its capped rates should apply only to existing customers. Although the statutory basis for this approach has been part […]
A recent report from the Kaiser Foundation indicated that health insurers will be required to issue millions of dollars in refunds because their medical loss ratios fall below new requirements. However, the Florida Office of Insurance Regulation issued a statement pointing out that the report might be drawing conclusions from data that was not intended […]
Citizens Property Insurance Corporation is hosting a forum on June 1, 2012, in Tampa to discuss proposals for depopulation. Accordingly to a recently published agenda, the meeting will concentrate on barriers to depopulation and potential solutions. This will include the adequacy (or lack thereof) of Citizens’ rates as well as issues pertaining to data quality. […]
The Florida Office of Insurance Regulation (OIR) has issued informational memorandum OIR-12-03M discussing the recent removal of the workers’ compensation excess profits reporting requirement. The legislature passed HB 941 this year eliminating the excess profits law’s application to workers’ compensation insurance. Governor Scott has now signed this bill into law. As a result, the OIR […]
The Florida Hurricane Catastrophe Fund (FHCF) Advisory Council has suggested that the fund will have a potential shortfall of $1.75 billion if it is required to attempt to reach its maximum payout within 12 months of an event. The Advisory Council encouraged FHCF Chief Operating Officer Jack Nicholson to seek pre-event financing this year to close this potential gap. Nicholson sought […]
Governor Rick Scott has signed HB 1101 into law, and it has become Chapter Law 2012-151. This is the insurance “train” bill that picked up a wide variety of insurance-related measures as it progressed through the 2012 regular legislative sesion. The new law is varied in its impact on the Florida Insurance Code. It contains […]
The board of governors of Citizens Property Insurance Corporation considered a proposal Thursday that would have resulted in its charging actuarially appropriate rates for new customers while maintaining the statutorily-imposed glide path for existing customers. The board ultimately decide to give further consideration to the issue before acting. A significant factor in the decision to […]
