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The Florida House of Representatives and Senate have released their proposals for next week’s special session on property insurance reform. The special session follows last month’s call from Governor Ron DeSantis for a special session dealing with the crisis in Florida’s residential property insurance market. Reinsurance Protection Although their proposals are subject to change when […]
The residential insurance market in Florida has experienced years of deterioration resulting in decreased availability of private market options, reductions in coverage and rising insurance premiums. As has been well established by the Florida Office of Insurance Regulation and others, Florida never really had a sinkhole problem, a mold problem, or a water damage problem…. […]
residential insurance, Florida Hurricane Catastrophe Fund, Florida Legislature, Insurance Regulation News, property insurance
property insurance, Citizens Property Insurance Corporation, Florida Hurricane Catastrophe Fund, Florida Legislature, Insurance Regulation News
The Florida Hurricane Catastrophe Fund (FHCF) projects that will be able to satisfy its $17 billion in single-season reimbursement obligations if called upon. The FHCF releases its estimated claims-paying capacity in May and October of each year. In its October estimate, the FHCF anticipates it would reach the $17 billion single season cap through $11.3 […]
reinsurance, Florida Hurricane Catastrophe Fund, Insurance Regulation News, property insurance, claims-paying capacity
hurricane season, reinsurance, Florida Hurricane Catastrophe Fund, Insurance Regulation News
The Florida Hurricane Catastrophe Fund (FHCF) begins the 2020 in a strong position to pay reimbursements to insurers if the need arises this year. The FHCF releases estimates of its claims-paying capacity in May and October of each year. The FHCF projects having $11.62 billion of cash on hand plus $650 million in pre-event note […]
With this year’s legislative session nearly upon us, the holiday season soon will seem like just a blur. The Florida legislature has one 60-day regular session each year. This year, the session begins on January 14, 2020. The legislature tackled assignment of benefits (AOB) reform in the 2019 session. The new law took effect mid-year, […]
The Florida Hurricane Catastrophe Fund (“FHCF”) is in the process of adopting rules for the 2020 hurricane season. The FHCF has scheduled a rule hearing for October 18 to discuss proposed changes to rule 19-8.010. This rule annually adopts the then-current version of the FHCF contract. Among other changes, the 2020 contract will incorporate the […]
