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OIR released an announcement on April 25, 2012 touting changes to its captives law after the implementing bill was signed by the Governor. The release noted that existing law had already created provisions authorizing the creation of U.S. domiciled captive insurers by establishing operational criteria and standards. This year’s legislation, House Bill 1101, added new […]
If requested by interested parties, the Florida Office of Insurance Regulation (OIR) will hold a workshop to discuss a proposed rule relating to life and health reinsurance collateral requirements. The Office of Insurance Regulation may allow ceding insurers to take credit for reinsurance with unauthorized reinsurers that do not fully collateralize their programs as long […]
The member states of NIMA, the Non-Admitted Insurance Multi-State Agreement, approved a Premium Tax Clearinghouse services agreement and license agreement, through which NIMA, Inc. contracted with the Florida Surplus Lines Service Office (“FSLSO”) to act as its central clearinghouse for the collection and allocation of surplus lines premium tax payments for multi-state surplus lines policies. […]
The Florida Hurricane Catastrophe Fund (FHCF) has a rule hearing scheduled for 9:00 today relating to its reporting and insurer responsibility rules. Administrative rule 19-8.029 pertains to insurer reporting requirements, and rule 19-8.030 sets forth insurer responsibilities. The purpose of the rule hearing is to discuss the rules and receive public input pertaining to the […]
Governor Rick Scott has vetoed HB 5505, which would have created a program by which insurers could prepay premium taxes in exchange for future credits, with the proceeds being used to create liquidity for the Florida Hurricane Catastrophe Fund (FHCF). The Governor stated in his veto message that he would not approve the bill because […]
Governor Rick Scott was presented with several insurance-related bills on Friday, perhaps most notably including the bill reforming Florida’s Personal Injury Protection (PIP) laws. These bills passed during the recent legislative session. The Governor has 15 days from receipt of the bills to decide whether to sign them into law, allow them to become law […]
Citizens Property Insurance Corporation’s claims volume is up but policyholder satisfaction has increased according to claims performance measures through the first quarter of 2012. Based on activity through the first quarter Citizens estimates it will receive First Notice of Loss on approximately 70,000 claims in 2012. This would be an increase over the 66,044 First […]
Citizens Property Insurance Corporation recently indicated that as of March 31, 2012, it had completed processing 158,135 reinspections relating to mitigation discounts, with 68% of the reinspections showing a need for premium adjustments. The reinspections include 62% showing a premium increase (i.e., removal of credits) and 6% showing a premium decrease (i.e., additional credits warranted). […]
Governor Rick Scott has signed HB 7055 into law restoring the Governor’s ability to directing rulemaking at agencies under his control. The legislature passed the bill this year in response to the Florida Supreme Court’s decision in Whiley v. Scott. That case arose from the Governor’s first official act when he took office, which was […]
The Office of Insurance Regulation (OIR) and other state agencies are considering the implementation steps needed for the recently passed Personal Injury Protection (PIP) reform bill (HB 119). One of the key upcoming action steps is for insurers to make their initial rate filings responding to cost savings resulting from the new law. The filing […]
