How prepared is Florida’s property insurance market for the next Big One?
Insurance Regulation News, Office of Insurance Regulation, Citizens Property Insurance Corporation
News & Updates
Citizens Property Insurance Corporation
Legislative changes may favor insurers
Insurance Regulation News, hurricane season, Office of Insurance Regulation, Citizens Property Insurance Corporation
No hurricanes, so why are homeowners getting hammered on insurance?
Kevin McCarty, Florida Hurricane Catastrophe Fund, Citizens Property Insurance Corporation
OIR Hosts Property Insurance Symposium
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 […]
OIR Approves Additional Citizens Rates
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 […]
IRS Adopts Procedures for Corrosive Drywall Losses
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 […]
Scott Campaign Releases Insurance Platform
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 […]
Terry Butler Named Interim Consumer Advocate
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 […]
Report Card Rule Raises Public Policy Issues
The Office of the Insurance Consumer Advocate held its most recent hearing last week on the insurer report card rule. Most insurers commenting on the rules believe that a “report card” can provide valuable information to insurance consumers as they consider their residential insurance options. However, the industry believes that the rule in its current […]
Florida’s massive reinsurance fund is much smaller this storm season
Florida Hurricane Catastrophe Fund, Citizens Property Insurance Corporation, Insurance Regulation