Irene not stopping Citizens from writing insurance policies
property insurer, hurricane, Insurance Regulation News, Department of Financial Services
News & Updates
Department of Financial Services
DFS Proposes Changes to Appearance of Annuity Cover Pages
The subject of annuities was addressed in the last days of the 2010 Florida Legislative Session in a general insurance bill (SB 2176), now Chapter 2010-175, Laws of Florida. The statute, section 626.99(4)(c), was amended to require cover pages for fixed and variable annuity contracts. For fixed annuities the statute requires the notice to be […]
Robin Westcott Named Insurance Consumer Advocate
Chief Financial Officer Jeff Atwater has named Robin Westcott as Florida’s next Insurance Consumer Advocate. CFO Atwater chose Ms. Westcott based on her long career in insurance regulation and her knowledge of issues that affect the insurance-buying public. “Robin will be an ardent, outspoken and persistent advocate for Florida’s insurance consumers,” said CFO Atwater. “She is committed to […]
Senate Committees to Study Property and Casualty Insurance Issues
Each year, the legislature asks its committees to review significant issues and prepare reports in anticipation of the the next legislative session. This year is no different, and the Senate recently released its list of interim projects. Projects of the Banking & Insurance Committee can be seen in the attached document. Project 2012-11 will be […]
Department of Financial Services Issues Orders Setting Assessment Rates for 2012
The Division of Workers’ Compensation has issued 2 informational memoranda setting assessment rates for the 2012 calendar year. Workers’ Compensation Administration Trust Fund – DFS-02-2011 – The assessment rate for 2012 is 1.75%. Each year the Department estimates the amounts needed for the administration of Chapter 440, Florida Statutes. This figure takes into account the […]
Report: Health insurers owe state $3M
Insurance Regulation News, health insurance, Department of Financial Services
Annuity probes drop in Florida — sparking questions
annuity, Insurance Regulation News, Jeff Atwater, Department of Financial Services
Florida Surplus Lines Office (FSLO) Ready to Implement Nonadmitted and Reinsurance Reform Act (NRRA)
The Florida legislature passed Senate Bill 1816 authorizing the Florida Surplus Lines Office to implement NRRA, a Federal law designed to simplify surplus lines regulation by delegating most of the responsibility to the “home state” of the insured. How much taxation is actually simplified remains to be seen as a myriad of state laws and […]
CFO Atwater Obtains $76 million Judgment Against Owner of Insolvent Insurer
On April 13, 2011, a judgment for more than $76 million was handed down by the Complex Litigation Division of the Miami-Dade Circuit Court against the former owners of Aries Insurance Company. The judgment announced by CFO Atwater, follows an extensive investigation by the Department of Financial Services (Department) that determined that Marcos Fraynd and […]
OIR Issues Memorandum on Disaster Response Coordination
The Florida Office of Insurance Regulation has issued an informational memorandum (OIR-11-02M) informing property and casualty insurers of Partners in Recovery, a not-for-profit organization intended to expedite the settlement of property insurance claims. The program coordinates disaster preparation and response communications among the Department of Financial Services (DFS), Office of Insurance Regulation (OIR), emergency management agencies, […]