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The Florida Hurricane Catastrophe Fund (FHCF) projects that it would be able to meet its maximum single-season reimbursement obligation of $17 billion if the need arises. However, hurricane losses in recent years have reduced the FHCF’s available cash, increasing its anticipated reliance on post-event bonding. For the 2023-24 FHCF contract year, the insurance industry retains […]
Citizens Property Insurance Corporation continues to take on policies at an alarming rate and its premium levels undercut the private market. At latest count, Citizens had almost 1.13 million policies. This is an increase of about 100,000 policies in the last three months. Since last November, Citizens has grown by nearly 400,000 policies. Even more […]
The House and Senate based a bill designed to more equitable handle insolvencies associated with long term care insurers. After passing both chambers without opposition, HB 673 goes to Governor Ron DeSantis for action. The bill largely follows the NAIC Model Act related funding long-term care insolvencies. In general, these insolvencies will be divided evenly […]
The Florida Hurricane Catastrophe Fund continues to project that its single-season limit of $17 billion is available for reimbursements this year, some of which will be eroded by Hurricane Irma losses. According to current estimates, Irma reimbursements could range from $3 billion to $6 billion, with $5.1 billion being the current point estimate. As the 2017 […]
The Florida Department of Revenue has issued TIP #16B8-02 advising of a change in Florida’s premium tax laws effective July 1, 2016. The TIP specifies that assessments levied by the Florida Insurance Guaranty Association will no longer be subject to the insurance premium tax. The TIP reflects changes to section 631.914, Florida Statutes, that were […]
Bills passed by the Florida legislature specify when their provisions take effect, either upon the bills’ becoming law or upon a specific date. For insurance-related legislation, the legislature often establishes July 1 as the effective date. This is the case with several bills passed during 2015. Insurers therefore should consider the impact of 2015 legislation […]
The Florida Department of Revenue has issued guidance to insurers relating to their recoupments of Florida Insurance Guaranty Association (FIGA) assessments. Due to a law change passed in the 2015 regular session, recoupments of both regular and emergency FIGA assessments will not be subject to the insurance premium tax. The Department of Revenue’s guidance notes, […]
The legislature passed HB 189 in the 2015 regular session relating to the admissibility of receivables arising from the recoupment of Florida Insurance Guaranty Association (FIGA) assessments. Upon now being approved by the Governor, the new law takes effect July 1, 2015. The new law relates to FIGA assessments that are paid by an insurer before being […]
After the devastating series of storms in 2004 and 2005, Florida has enjoyed a run of essentially storm-free years. This has led to improved conditions in the private insurance market, and consequently to reductions in the policy count of Citizens Property Insurance Corporation. Citizens therefore expects that it in 2015 it will be able to […]
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 […]
