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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 […]
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 […]
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 […]
Alex Sink, Kevin McCarty, Florida Hurricane Catastrophe Fund, Insurance Regulation
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 Hurricane Catastrophe Fund, Citizens Property Insurance Corporation, Insurance Regulation
Citizens Property Insurance Corporation, sinkhole, Insurance Regulation
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 […]
