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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
Insurance Regulation News, Office of Insurance Regulation, Citizens Property Insurance Corporation
Office of Insurance Regulation, Citizens Property Insurance Corporation, hurricane season, Insurance Regulation News
Florida Hurricane Catastrophe Fund, Kevin McCarty, Citizens Property Insurance Corporation
At the end of the recent NAIC conference in Orlando, the Office of Insurance Regulation held a symposium on the state of Florida’s property insurance market. The session recapped many of the known concerns about the current market, including the role of sinkholes, re-opened hurricane claims, and public adjusters in driving up insurers losses and […]
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 […]
The Internal Revenue Service has promulgated Revenue Procedure 2010-36 providing guidance to homeowners with damage to their residences from corrosive drywall. The procedure allows an affected homeowner to treat damages from corrosive drywall as a casualty loss for income tax purposes and provides a “safe harbor” formula for determining the amount of the loss. Taxpayers […]
Rick Scott’s campaign for Governor has released a paper on insurance and tort reform issues. Candidate Scott vows to restore Citizens Property Insurance Corporation to its initially envisioned role as a market of last resort. He emphasizes the importance of allowing the private market to compete amongst themselves, with competition serving as the primary determinant […]
Florida’s Chief Financial Officer Alex Sink has announced that Terry Butler will serve as the interim Interim Insurance Consumer Advocate. Terry has worked as an attorney in various insurance regulatory capacities throughout his career, including as the Senior Attorney in the Office of the Insurance Consumer Advocate since August 2007. “Terry’s legal experience and expertise in standing up for Florida’s […]
