News & Updates

Financial Services Commission

Residential Property Insurers Face New Reporting Requirement

Residential Property Insurers Face New Reporting Requirement

The new year brings the initial reporting period for a new closed claim reporting obligation applicable to residential property insurers.  In the 2021 legislative session, the Florida Legislature adopted SB 76 which, among other things, amends Section 624.424 pertaining to insurers’ annual statements. The new requirement specifies that beginning January 1, 2022, each authorized residential […]

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OIR to Adopt Rule Implementing Closed Claim Reporting Requirement

OIR to Adopt Rule Implementing Closed Claim Reporting Requirement

The Florida Office of Insurance Regulation (OIR) recently indicated it anticipates initiating rulemaking by November 1 with respect to the new closed claim reporting requirement in SB 76 (Chapter Law 2021-77).  Adopted in the 2021 legislative session, SB 76 added a new subsection (11) to Section 624.424 governing insurers’ submissions of annual statements.  The new […]

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Recounts Leave Financial Services Commission Makeup Uncertain

Recounts Leave Financial Services Commission Makeup Uncertain

Several high profile races in Florida were decided, or at least appeared to have been decided, on election night by close margins.  At the state level, Republican Ron DeSantis looked like the winner in Governor’s race, Republican Jimmy Patronis prevailed as Chief Financial Officer, Republican Ashley Moody won to succeed Pam Bondi as Attorney General, and […]

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McCarty Extends Service as Search Continues

McCarty Extends Service as Search Continues

Insurance Commissioner Kevin McCarty announced earlier this year that he would be leaving his position in the first week of May.  This triggered a search for a replacement that remains ongoing, with the next interviews expected to take place at an April 26 meeting of the Financial Services Commission. With the effective date of his […]

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Commissioner Search to Continue

Commissioner Search to Continue

The state’s search for a new insurance commissioner to replace outgoing commissioner Kevin McCarty will continue into April.  The four-member Financial Services Commission (Governor and Cabinet) is responsible for selecting the next commissioner by majority vote, with the caveat that the Governor (Rick Scott) and Chief Financial Officer (Jeff Atwater) must be on the prevailing side. The […]

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Financial Services Commission Discusses Commissioner Search

Financial Services Commission Discusses Commissioner Search

The Financial Services Commission (FSC), consisting of the Governor, Chief Financial Officer, Attorney General and Commissioner of Agriculture, discussed the process of finding Florida’s next Insurance Commissioner at their regularly scheduled Cabinet meeting.  The FSC intends to conduct a nationwide search and agreed to potentially increase the compensation level to attract highly qualified candidates.  The […]

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