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Florida Insurance Commissioner Kevin McCarty’s announcement that he is resigning effective May 2, 2016, puts Florida in a position it has been in only once before– needing to appoint an insurance commissioner to lead the Florida Office of Insurance Regulation (OIR). McCarty is the first, and only, insurance commissioner appointed after the restructuring of the […]
The legislature made two key changes to Section 627.43141 relating to the Notice of Change in Policy Terms. These changes, set forth in HB 273, passed in the 2015 legislative session and now have been approved by the Governor. They are reflected in Chapter Law 2015-170. The statute has been troubling to insurers because it has suggested that […]
The Florida legislature passed House Bill 273 in the 2015 regular session allowing the electronic delivery of personal lines insurance documents. The bill has been approved by the Governor and is now reflected in Chapter Law 2015-170. The new law amends section 627.421, Florida Statutes, to provide that personal lines policyholders may affirmatively elect to […]
The legislature passed HB 189 in the 2015 regular session relating to the admissibility of receivables arising from the recoupment of Florida Insurance Guaranty Association (FIGA) assessments. Upon now being approved by the Governor, the new law takes effect July 1, 2015. The new law relates to FIGA assessments that are paid by an insurer before being […]
Insurance Commissioner Kevin McCarty appeared before the Governor and Cabinet last week to discuss potential standards under which the Office of Insurance Regulation can be objectively reviewed. The Governor and Cabinet have indicated that they want to hear from the agencies they oversee, including the Office of Insurance Regulation, regarding appropriate measurements for their agencies. […]
The Florida Hurricane Catastrophe Fund is seeking authorization from the Trustees of the State Board of Administration to explore, negotiate and enter into a combination of risk transfer products and/or pre-event notes totaling up to $2.2 billion. The Trustees of the State Board of Administration are the Governor, Chief Financial Officer and Attorney General. The issue […]
The Governor and Cabinet serve as a collegial governing body known as the Financial Services Commission, which has rulemaking authority for the Office of Insurance Regulation. In addition, the FSC designates the insurance commissioner by a majority vote, with the Governor and Chief Financial Officer required to be on the same side. After last night’s elections, […]
Throughout the campaign, most observers have said that the race between incumbent Rick Scott and former Governor Charlie Crist will go down to the wire. A recent poll heading into the early voting period suggests this remains the case. According to a Qunnipiac poll, Scott and Crist are deadlocked at 42 percent each among likely […]
Democratic gubernatorial candidate Charlie Crist has named Miami-Dade County’s Annette Taddeo as his running mate. This selection might help Crist, who is from the Tampa/St. Petersburg area, increase his appeal to South Florida voters, women and Hispanics. Although Crist faces a primary opponent in former Senate majority leader Nan Rich, the focus of this year’s […]
The Florida legislature adopted SB 542 intended to encourage admitted market insurers to write personal residential flood insurance programs. If approved by the Governor, the bill will make changes to Florida’s rating law and modeling review process to facilitate private flood products. Section 627.062, Florida Statutes, lists factors to be considered by the Office of […]
