Property Insurance: Florida’s Big Elephant in the Room
Citizens Property Insurance Corporation, Florida Hurricane Catastrophe Fund, Insurance Regulation News, property insurance, Florida Office of Insurance Regulation, Florida Insurance Commissioner
News & Updates
Florida Office of Insurance Regulation
Miami-Dade lawmakers file bills adding guardrails to lender-placed property insurance
Florida Legislature, Insurance Regulation News, property insurance, Homeowner's Insurance, lender-placed, Florida Office of Insurance Regulation
New Year Brings Key Personnel Changes
The new year will bring personnel changes at key insurance-related organizations in Florida. Perhaps most notably, Insurance Commissioner David Altmaier stepped down effective December 28, 2022. Commissioner Altmaier first joined the Florida Office of Insurance Regulation in 2008. He held several roles within the property and casualty financial oversight area, including Chief Analyst. He then […]
Citizens Rate Disparity Likely to Grow
The disparity between Citizens Property Insurance Corporation’s rates and those in the admitted market is likely to grow. Premiums have increased significantly in the admitted market in recent years, driven by well-documented problems with inflated, represented and litigated claims. These concerns have been compounded by broader inflationary pressures in the economy, including supply chain disruptions […]
Special Session Proposals Address Property Market Concerns
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 […]
Five Days That Could Save the Insurance World: DeSantis Calls Session for May 23-27
Insurance Regulation News, property insurance, special session, Florida Office of Insurance Regulation, Governor Ron DeSantis
Florida Market Needs Lasting Reform
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…. […]
Domestic Surplus Lines Bill Passes First Committee
A proposal in the Senate (SB 1402) and House (HB 951) would authorize “domestic surplus lines insurers” to issue policies in Florida. Although the bills are in their early stages of consideration, the Senate version recently passed the Banking and Insurance Committee with a 9-0 vote. Currently, because surplus lines insurers issuing policies in Florida […]
Florida OIR Says Claims Info Data Call Coming Early Next Year
residential insurance, Florida Legislature, Insurance Regulation News, Florida Office of Insurance Regulation, insurance data call, SB 76, Insurance Regulation
OIR to Receive Public Input on NCCI Workers’ Compensation Filing
The Florida Office of Insurance Regulation (OIR) will hold a public hearing at 10:00 a.m. on October 14 to receive input regarding the National Council on Compensation Insurance’s (NCCI’s) recent rate filing proposing an average decrease of 4.9%. According to NCCI, in 2020 the workers’ compensation insurance industry posted its fourth consecutive year of underwriting […]