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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. […]
The regulatory reform transition team assembled by Governor-elect Rick Scott has released a document summarizing some of the key elements that will guide the Governor’s administration in the coming months and years. The summary asserts that Florida’s regulatory system in general has lost touch with its strategic purpose and has a culture of imposing barriers rather […]
The Florida Hurricane Catastrophe Fund on December 17, 2010 proposed amendments to administrative rules adopting its exposure and loss reporting forms. The proposed revisons would make a series of changes to the FHCF data call, to which insurers respond each year providing the characteristics of their in-force portfolios. In addition, the proposed rules would amend […]
Kevin McCarty, Citizens Property Insurance Corporation, Florida Hurricane Catastrophe Fund
Insurance Regulation News, Florida Hurricane Catastrophe Fund, Office of Insurance Regulation, Kevin McCarty
At the end of the recent NAIC conference in Orlando, the Office of Insurance Regulation held a symposium on the state of Florida’s property insurance market. The session recapped many of the known concerns about the current market, including the role of sinkholes, re-opened hurricane claims, and public adjusters in driving up insurers losses and […]
