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The Florida Office of Insurance Regulation has released its 2010 annual report on the workers’ compensation insurance industry in Florida. The report reviews the availability and affordability of workers’ compensation insurance coverage in Florida to assess the current state of the market. The report finds that the Florida market is competitive, as evidenced by a large number of insurers writing […]
The Senate Committee on Banking and Insurance has issued Interim Report 2011-104, Issues Relating to Sinkhole Insurance, discussing concerns with sinkhole coverage in Florida’s property insurance market. The report summarizes the increased frequency and severity of property insurance claims for sinkhole losses over the years. The report cites the high costs of investigating claims and […]
Insurance Regulation News, Florida Legislature, Office of Insurance Regulation
Senate President Mike Haridopolis has appointed members of the Senate to its various committees, including the Banking & Insurance committee. Senator Garrett Richter, R-Naples, continues to serve as chairmain of the committee and Senator Chris Smith, D-Fort Lauderdale, remains the vice chair. Other members of the committee include J.D. Alexander, R-Lake Wales, Mike Bennett , R-Bradenton, Ellyn Bogdanoff , […]
The Florida legislature left Tallahassee nearly as quickly as they arrived last week. Governor Crist called the special session for the purpose of potentially adopting a constitutional amendment prohibiting oil drilling. The amendment could have been placed on Florida’s ballot this fall. However, opponents of adopting such an amendment point out that drilling is already prohibited […]
Senate Bill 2044 became the primary property insurance bill during the 2010 legislative session, particularly for issues relating to residential insurance. The bill reflected input from a variety of interested parties, including the Office of Insurance Regulation, the insurance industry, the trial bar, and public adjusters. Although a number of parties commented after the session […]
The 2010 legislative session begin with fairly widespread recognition that the residential property insurance market in Florida has been set back by several “cost drivers” warranting legislative attention. The Florida Cabinet held discussions about why insurers have been losing money in recent years even without hurricanes affecting the state. Insurance Commissioner Kevin McCarty identified for […]
