Putting the brakes on auto insurance fraud
auto insurance, PIP, Chief Financial Officer, Insurance Regulation
News & Updates
Insurance Regulation
OIR Releases Annual Report
The Florida Office of Insurance Regulation has released its most recent annual report on the state of the Florida insurance market. The report describes the organizational structure of the Office of Insurance Regulation. In addition, the report discusses the economic impact of the insurance industry in Florida, stating that the industry accounts for $19.9 billion […]
Regulatory Reform Transition Team Releases Summary Document
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 […]
Office of Insurance Approves Lower Collateral Requirements for RenRe
The Florida Office of Insurance Regulation has entered into a Consent Order with Renaissance Reinsurance Ltd. approving it as an eligible reinsurer and allowing it to transaction property catastrophe reinsurance in Florida with reduced collateral requirements. OIR approved the modified collateral requirements for RenRe in part because the reinsurer has almost $1.5 billion in statutory […]
Premium Tax Reporting Moves to Electronic Format
The Florida Department of Revenue is moving forward with rulemaking that will require insurers to submit premium tax returns electronically. The new electronic system will be in place by the time returns are due in 2011, although insurers will be able to request waivers if they are unable to comply. The Department of Revenue has […]
Candidates for Florida governor grapple with issue of property insurance
Kevin McCarty, Florida Hurricane Catastrophe Fund, Alex Sink, Insurance Regulation
OIR to Review Sinkhole Claims Problem
The Office of Insurance Regulation has heard reports of increased frequency for sinkhole claims, particularly in areas of Florida that are not usually identified with sinkhole problems. Mounting sinkhole losses for Citizens Property Insurance Corporation and admitted market insurers have prompted the OIR to send a data call to insurers to develop more information from […]
Florida’s massive reinsurance fund is much smaller this storm season
Citizens Property Insurance Corporation, Florida Hurricane Catastrophe Fund, Insurance Regulation
Florida regulators investigate rash of sinkhole claims
As sinkhole claims rise, credibility in question
Citizens Property Insurance Corporation, sinkhole, Insurance Regulation