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The Florida Office of Insurance Regulation held a workshop at its office in Tallahassee to discuss potential amendments to key administrative rules governing insurance holding company systems and transactions between insurers and their affiliates. The workshop is the first step in the administrative rule making process, which ultimately leads to formal revisions to regulations governing […]
The Florida Department of Financial Services has issued guidance to agents regarding unlawful or unauthorized charges. The department advises that it has received an increasing number of inquiries from Florida agents asking if they can charge fees for services ancillary to placing insurance, such as issuing certificates of coverage. The department responds that charging these types […]
The Florida Office of Insurance Regulation has issued Informational Memorandum OIR-15-04M relating to “Use of Price Optimization in Premium Determination.” The memorandum concludes that insurers using so-called price optimization should submit filings to eliminate the use of those criteria, and going forward insurers should not use price optimization in their rate filings. The OIR notes […]
As 2014 comes to a close, several of the issues that commanded considerable attention during the year reached their resolution and set the framework for 2015 ahead. When we all return from the holidays, the legislative committee weeks will be upon us and the 2015 legislative session will begin before we know it. However, before […]
Kevin McCarty, auto insurance, Personal Injury Protection, insurance commissioner, Florida Office of Insurance Regulation, Insurance Regulation
The Florida Office of Insurance Regulation (OIR) announced that it has received the annual workers’ compensation rate filing submitted by the National Council on Compensation Insurance (NCCI). The rate filing provides for an overall 1% increase in workers’ compensation rates. The effective date of the filing is January 1, 2014. As in prior years, the […]
The Florida Office of Insurance Regulation (Office) has unveiled a new resource for allowing interested persons to provide input on life and health insurance form and rate filings. “Hearing the opinions of Florida’s consumers about proposed changes to their insurance is considered a top priority of the Office. This feature presents a suitable forum for those opinions […]
The Office of Insurance Regulation has decided to move forward with repealing the so-called “penalty rule” (69O-142.011 “Insurer Conduct Penalty Guidelines”) despite uniform support among industry representatives for keeping the rule, with appropriate revisions. The existing rule categories many types of violations of the insurance code, informing the public and the insurance industry about the […]
The House version of a plan to reform Florida’s personal injury protection laws has cleared the House of Representatives’ Civil Justic Subcommittee by a 10-5 vote. The next scheduled stop for the bill is the Economic Affairs Committee. The House proposal (HB 119) is a 109-page bill making a number of changes designed to curb […]
