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The Office of Insurance Regulation has heard reports of increased frequency for sinkhole claims, particularly in areas of Florida that are not usually identified with sinkhole problems. Mounting sinkhole losses for Citizens Property Insurance Corporation and admitted market insurers have prompted the OIR to send a data call to insurers to develop more information from […]
The Office of Insurance Regulation recently announced that Florida Insurance Commissioner Kevin McCarty joined regulators from other states in voting to approve the NAIC’s recommended language for the Medical Loss Ratio (MLR) definition under the federal Affordable Care Act. Due to the definition of medical expenses, health insurance agent premiums were not included in the definition of […]
With the primary races now behind us, the potential makeup of the Financial Services Commission for next year has become a little clearer. However, early guesses suggest that some of the general elections will be close and polls have had a tendency to shift this fall, so Floridians will continue to watch these races closely […]
Republican Senator Jeff Atwater and Democrat Loranne Ausley did not have to await Tuesday’s primaries to know they would be facing off in the race to follow Alex Sink as Florida’s Chief Financial Officer. Although it initially appeared Atwater would have a primary opponent, Atwater’s formidable fundraising and campaigning long ago sealed his place as the […]
The National Council on Compensation Insurance (NCCI) has filed a proposed 8.3% workers’ compensation rate increase with the Office of Insurance Regulation with an effective date of January 1, 2011. The proposed change change consists of a 3.4% increase due to a change in experience, a 3.9% increase due to a change in trend, and a […]
A Citizens Property Insurance Corporation committee recently discussed results of its reinspection program for wind mitigation features. The reinspection of 1500 personal residential risks has identified changes in data for 90% of the policies and changes in premiums for 75% of the policies. The categories of roof cover, roof deck attachment, roof to wall attachment […]
The Financial Services Commission has republished notice of proposed rulemaking relating to an insurer report card rule. The current version of the rule was scheduled to be presented to the Financial Services Commission at its August 26, 2010 meeting. However, due to procedural requirements, the rule will not be presented to the FSC at that […]
Insurance Commissioner Kevin McCarty has written a letter to The Heartland Institute responding to recent suggestions that the Office of Insurance Regulation should have made information about Northern Capital Insurance Company available to the public sooner than it did. Northern Capital was subject to administrative supervision by the Office of Insurance Regulation, but the company’s financial […]
Proposed administrative rules proving a grading system for an insurer report card are scheduled to be presented to the Financial Services Commission for adoption on August 26, 2010. The Office of the Insurance Consumer Advocate published the rules last year and held workshops and hearings to gather input from interested parties. Several insurer groups raised […]
The Florida legislature left Tallahassee nearly as quickly as they arrived last week. Governor Crist called the special session for the purpose of potentially adopting a constitutional amendment prohibiting oil drilling. The amendment could have been placed on Florida’s ballot this fall. However, opponents of adopting such an amendment point out that drilling is already prohibited […]
