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The Florida Commission on Hurricane Loss Projection Methodology has released its final Windstorm Mitigation Discounts Report discussing problems with the current mitigation discount process and recommending a series of potential solutions. The 2009 Florida Legislature asked the modeling commission to review the current process by which personal and commercial residential policyholders receive discounts on their […]
On January 28, 2010, a rule development workshop was held regarding proposed changes to chapter 69B-231, F.A.C., related to penalty guidelines for insurance representatives. This rule chapter sets forth penalties for various provisions of the Insurance Code by insurance representatives such as agents. The changes are being made in response to legislative additions and deletions […]
The Center for Insurance Research, part of the Risk Management & Insurance Program at the Florida State University College of Business, holds its first panel discussion luncheon today at 11:30. The distinguished panel will include German professor Dr. Andreas Richter, Moira Campion McConaghy of the National Association of Insurance Commissioners, and Kevin McCarty, Commissioner of […]
Richter is the chair of the Senate Banking and Insurance Committee. This bill would address an accounting problem created by last year’s change in the “contract year” for the Florida Hurricane Cat Fund coverage. Last year’s change was intended to help insurers negotiate their reinsurance agreements earlier in the year with much more lead time […]
Florida Attorney General Bill McCollum sent a letter to leaders of the U.S. House of Representatives and U.S. Senate setting forth the basis for his finding that the proposed federal health care bill is unconstitutional. The letter calls into question provisions of the health care bill that would require every American to purchase health insurance […]
An insurer with $25 million or less in surplus and writing at least 25% of its countrywide property insurance premiums in Florida may file a petition to become a “limited apportionment company.” By law, an insurer must submit its request to be a limited apportionment company within the first 90 days of each calendar year. […]
The Department of Financial Services (Department) has long maintained a rule chapter, 69B-231, that is intended to establish standards for implementing Department’s duties to impose disciplinary action under sections 626.611, 626.621, 626.631, 626.641, 626.681 and 626.691, Florida Statutes, and to describe likely penalties and procedures for determining appropriate penalties for all resident and nonresident insurance […]
Florida’s Office of Program Policy Analysis & Government Accountability has released Report No. 10-06 relating to the regulation of public adjusters in Florida. The title of the report notes that, “Public Adjuster Representation in Citizens Property Insurance Corporation Claims Extends the Time to Reach a Settlement and Also Increases Payments to Citizens’ Policyholders.” The report […]
Loranne Ausley, a former state representative from Tallahassee, has announced that she intends to run for the Chief Financial Officer position being vacated by Alex Sink. Ausley, a Democrat, had been running for the state Senate and raised about $274,000 for that campaign. However, she now moves to a race in which the Democratic party […]
The Florida Office of Insurance Regulation announced in late 2010 that it was withdrawing the insurer report card rule. This announcement was viewed favorably by many members of the industry because they had commented throughout the workshop and hearing process that the grading formula presents serious concerns. Although the OIR indicated at the time it […]
