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The Florida Office of Insurance Regulation (OIR) has released its Annual Report of Aggregate Net Probable Maximum Losses, Financing Options and Potential Assessments. The report describes the potential impact of 50-year, 100-year and 250-year events on the Florida Hurricane Catastrophe Fund (FHCF) and Citizens Property Insurance Corporation (Citizens). Events ranging from a 50-year storm to […]
The Florida Office of Insurance Regulation has released a second Order establishing rates for additional product lines at Citizens Property Insurance Corporation. The Office of Insurance Regulation previously issued another order establishing Citizens’ homeowners insurance rates. The most recent Order sets Citizens’ dwelling fire rates at a 10.4% statewide average increase, which is slightly more […]
A bill passed in the 2010 legislative session relating to recouping Florida Insurance Guaranty Association assessments will become law effective July 1, 2010. The new law (Chapter Law 2010-49) streamlines the process by which insurers may recoup assessments levied by FIGA. An insurer seeking to recoup an assessment will make an informational filing with the […]
The Office of Insurance Regulation issued an order levying a new emergency assessment for the Florida Hurricane Catastrophe Fund. Effective January 1, 2011 insurers are to begin collecting 1.3% assessments on all applicable policies. This assessment will replace the existing assessment levy of 1.0%. The increase comes primarily has the result of claims from Hurricanes […]
Citizens Property Insurance Corporation, assessment, consumer choice
During the 2009 Legislative session Representative Bill Proctor, R-St. Augustine and Sen. Mike Bennett, R-Bradenton guided a “deregulation bill” through the Florida Legislature. The bill would have permitted many large insurers to offer homeowners insurance policies at rates that exceeded the approved rates they had on file. To be eligible for this reduced rate regulation, […]
