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The Florida Senate Banking and Insurance Committee released its issue brief (2012-226) regarding Citizens Property Insurance Corporation on September 1, 2011. As one would expect all of the numbers are very large. The brief provided up to date information on the total policies in force and the surplus in each of the three statutorily created […]
Citizens Property Insurance Corporation, hurricane season, Florida Hurricane Catastrophe Fund, Insurance Regulation News
Florida Hurricane Catastrophe Fund, Insurance Regulation News, Windstorm Loss Mitigation Discounts
The 2011 Atlantic Hurricane season is officially underway, and with it comes the annual concerns for Florida and other coastal states. In the insurance industry, we tend to focus on the economic effects of hurricanes– the design of insurers’ reinsurance programs, the impact on Citizens Property Insurance Corporation and its reliance on assessments, and the […]
hurricane season, Florida Hurricane Catastrophe Fund, Insurance Regulation News
As we have now reached the midpoint of the 2011 legislative, some of the key elements of this year’s property insurance legislation still differ in significant ways between the House and Senate versions. Property legislation tends to go down to the wire each year, and this year looks like it will be no exception. Some […]
The Florida Office of Insurance Regulation (OIR) has released its Annual Report of Aggregate Net Probable Maximum Losses, Financing Options and Potential Assessments. The report describes the potential impact of 50-year, 100-year and 250-year events on the Florida Hurricane Catastrophe Fund (FHCF) and Citizens Property Insurance Corporation (Citizens). Events ranging from a 50-year storm to […]
Citizens Property Insurance Corporation has released the form by which insurers may seek limited apportionment company status for 2011. In cooperation with the Office of Insurance Regulation, Citizens has informed insurers they must submit their requests to the OIR on or before March 31, 2011. To qualify as a limited apportionment company, an insurer must […]
Sunshine State Insurance Company’s suit in Leon County Circuit Court that sought declaratory and injunctive relief against the State Board of Administration (SBA) has been dismissed because the insurer failed to exhaust its administrative remedies. The lawsuit related to loss reimbursement in connection with the SBA’s Florida Hurricane Catastrophe Fund (Cat Fund) Reimbursement Contract for […]
The Florida Hurricane Catastrophe Fund is scheduled to hold a hearing today on proposed rules that would incorporate changes to its data reporting and retention requirements. The various forms insurers must use to report losses to the FHCF and the information they must maintain for audits are set forth in, or incorporated into, administrative rules. […]
