Florida makes progress on property insurance reform
Citizens Property Insurance Corporation, Florida Legislature, Insurance Regulation News, Rick Scott
News & Updates
Citizens Property Insurance Corporation
Citizens Releases Claims Performance Measures
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 Reinspection Program Continues to Identify Mitigation Errors
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). […]
Gov. Scott signs bill to reduce insurance assessments
Citizens Property Insurance Corporation, Insurance Regulation News, Rick Scott
Cat Fund Right-Sizing Supporters Vow to Bring It Back
The key Senator and Representative who promoted the Florida Hurricane Catastrophe Fund (FHCF) right-sizing proposal expressed disappointment that the bills did not receive more attention in the recently concluded session. At least in the case of those who are eligible to return to the legislature next year, they vow to keep pushing for the reform. […]
Governor Approves Citizens Assessment Change
Governor Rick Scott has signed a bill into law changing the way Citizens Property Insurance Corporation will levy assessments following a storm. The bill (HB 1127) had the support of the Office of Insurance Regulation, the Insurance Consumer Advocate, Citizens and the insurnace industry. Under the new law, Citizens will not levy regular assessment on the personal lines […]
Cat Fund Revisions Fall Short
The Florida legislature did not adopt proposed changes to the size of the Florida Hurricane Catastrophe Fund during the 2012 session. Jack Nicholson of the FHCF developed a proposal he referred to as “right-sizing” the cat fund to ensure it has access to enough resources to pay promised reimbursements without regard to poor global market […]
Citizens Assessment Mechanism to be Revised
The legislature passed a bill in the recently concluded 2012 session changing the way Citizens will recover deficits through assessments. The bill was unique in that it enjoyed broad support from the Office of Insurance Regulation, the Insurance Consumer Advocate, Citizens Property Insurance Corporation and the insurance industry. Despite this support, the proposal was in […]
Surplus Lines Depopulation Bill Stalls
A proposal to allow surplus lines insurers to remove policies from Citizens Property Insurance Corporation failed in the waning days of the session. Lawmakers considered ways of reducing the size of Citizens, and one proposal that emerged was to allow surplus lines insurers to assume policies from Citizens using a process similar to that used […]
Surplus lines bill all but dead after House fails to beat opt-in amendment
Citizens Property Insurance Corporation, Florida Legislature, Insurance Regulation News, surplus lines insurance