Property insurance overhaul by Legislature aiding insurers or consumers?
property insurance, Insurance Regulation News, Office of Insurance Regulation, Citizens Property Insurance Corporation
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property insurance, Insurance Regulation News, Office of Insurance Regulation, Citizens Property Insurance Corporation
The 2011 legislative gets underway with several property insurance bills on its agenda. Both the Senate and the House of Representatives have major property insurance bills on file that include numerous revisions to the property insurance laws, and in particular to laws governing residential property insurance. Perhaps the biggest issue of the 2011 session will […]
Florida Insurance Commissioner Kevin McCarty has been discussing the “cost drivers” affecting Florida’s property insurance market since last year’s legislative session. As the 2011 session draws near, Commissioner McCarty continues to identify the key factors affecting property and casualty insurers in Florida. McCarty top five issues include the following: 1. Attracting Capital– Commissioner McCarty points […]
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 […]
Citizens Property Insurance Corporation has released the form by which insurers may seek limited apportionment company status for 2011. In cooperation with the Office of Insurance Regulation, Citizens has informed insurers they must submit their requests to the OIR on or before March 31, 2011. To qualify as a limited apportionment company, an insurer must […]
Citizens Property Insurance Corporation, Rick Scott, Insurance Regulation News, Florida Legislature
Florida Cabinet, Rick Scott, Jeff Atwater, Citizens Property Insurance Corporation
The Senate Committee on Banking and Insurance has issued Interim Report 2011-104, Issues Relating to Sinkhole Insurance, discussing concerns with sinkhole coverage in Florida’s property insurance market. The report summarizes the increased frequency and severity of property insurance claims for sinkhole losses over the years. The report cites the high costs of investigating claims and […]
The regulatory reform transition team assembled by Governor-elect Rick Scott has released a document summarizing some of the key elements that will guide the Governor’s administration in the coming months and years. The summary asserts that Florida’s regulatory system in general has lost touch with its strategic purpose and has a culture of imposing barriers rather […]
Insurance Regulation News, public adjusters, Citizens Property Insurance Corporation