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Several legislative committees will hear bills this week relating to key insurance issues. The House Banking and Insurance Subcommittee is expected to consider a bill allowing commercial motor vehicle and personal lines property and casualty insurance policies to be posted to the Internet rather than physically delivered in certain circumstances. The House committee also is […]
The Tallahassee Democrat’s editorial this morning entitled “Controlling Citizens” makes some important points about the current state of the supposed residual market. The theme of the editorial is that policymakers should make Citizens Property Insurance Corporation an insurer of “last resort” again. The editorial points out that 23 percent of Florida properties are insured by […]
Citizens Property Insurance Corporation often finds itself in the middle of widely varying opinions on how it should conduct its business. For everyone who says Citizens should reduce its size, someone else will say that Citizens indeed should offer below-market insurance products to consumers. The result, at least currently, is that Florida has a residual […]
Chief Financial Office Jeff Atwater has suggested that the Governor and Cabinet, serving as the Financial Services Commission, oversee the selection of an Inspector General to review Citizens Property Insurance Corporation. Atwater also wants the Inspector General to report to the Financial Services Commission for at least 12 months. Governor Rick Scott recently called for […]
The Florida Office of Insurance Regulation has established the commercial rates for 2013 for Citizens Property Insurance Corporation. The OIR’s action follows recent orders relating to Citizens’ personal residential product lines. Under the OIR’s order on Citizens’ commercial rates, it approved a 9.9% average increase for condominium association policies, as compared to the 11% increased […]
Two insurers have been authorized to assume up to a combined 100,000 policies from Citizens Property Insurance Corporation in December 2012, on the heels of assumption requests for November totaling up to 210,000 policies. With almost 90,000 policies removed earlier this year, private market interest in Citizens assumptions is up dramatically this year compared to […]
The Board of Governors of Citizens Property Insurance Corporation has agreed to spend $200,000 for a review of its proposed surplus note program by Goldman Sachs. In addition, the board authorized up to $200,000 for another review by a firm with actuarial experience. The surplus note program would allocate up to $350 million of Citizens’ surplus to companies seeking to […]
It was another interesting week in Citizens Property Insurance Corporation’s development of a proposed depopulation incentive program. Citizens has been working on a plan that would allow certain insurers to qualify for up to $350 million in surplus notes in exchange for agreeing to remove policies for a 10-year period. In the meantime, other insurers […]
The Office of Insurance Regulation has approved rates for Citizens’ homeowners and dwelling programs. The average rate increase is 10.8% for homeowners insurance and 8.8% for the dwelling program. Rate increases for sinkhole coverage are higher (by percentage), although less than Citizens’ indicated rates. The OIR approved the rates through an Order (attached). Citizens’ ratemaking […]
The Florida Office of Insurance Regulation has approved an additional 60,000 policies to be removed from Citizens Property Insurance Corporation in November 2012. This is in addition to 150,000 policies previously approved for November assumption, and adds to the 84,339 policies already assumed during this calendar year. “One of the Office’s goals continues to be to support a […]
