News & Updates
Insurance Regulation
Re-insurance cover limits oil leak exposure for QBE
Charlie Crist’s veto ensures we’ll face insurance woes
Property Bill Goes to the Wire; Cost Drivers at Issue
The 2010 legislative session begin with fairly widespread recognition that the residential property insurance market in Florida has been set back by several “cost drivers” warranting legislative attention. The Florida Cabinet held discussions about why insurers have been losing money in recent years even without hurricanes affecting the state. Insurance Commissioner Kevin McCarty identified for […]
FSU Catastrophe Center Discusses Mitigation Discounts
The Florida Catastrophic Storm Risk Management Center has released a report discussing implementation of Florida’s mitigation discount program for residential property insurance. This report is the third in a series of recent studies identifying significant concerns with the way the current system of mitigation discounts has affected the residential property insurance market. The Florida Commission […]
FSU Panel Discussion Slated for Today
The Center for Insurance Research, part of the Risk Management & Insurance Program at the Florida State University College of Business, holds its first panel discussion luncheon today at 11:30. The distinguished panel will include German professor Dr. Andreas Richter, Moira Campion McConaghy of the National Association of Insurance Commissioners, and Kevin McCarty, Commissioner of […]
OIR Gathers Input on Mitigation Verification Form and Notice
The Office of Insurance Regulation held a public hearing on December 21 to continue gathering feedback about revisions to its Uniform Mitigation Verification Inspection Form and its Notice of Premium Discounts for Hurricane Loss Mitigation. The hearing attracted relatively few comments on the discount notice form. A few participants commented that the description of mandatory […]
State Farm Florida and OIR Resolve Withdrawal Request
State Farm Florida Insurance Company and the Florida Office of Insurance Regulation have entered into a Consent Order resolving a dispute arising from the insurer’s planned withdrawal from the Florida property insurance market. State Farm Florida filed a withdrawal plan with the Office of Insurance Regulation announcing that it intended to discontinue its property insurance […]
FSU Panel Discussion to Cover Regulatory Reform
The Risk Management & Insurance department of the Florida State University College of Business is hosting a luncheon and panel discussion on January 28, 2010, on the topic of insurance regulatory reform. Florida Insurance Commissioner McCarty has agreed to participate on the panel, along with Moira Campion McConaghy, manager of government relations for the NAIC, and […]
OIR Approves Citizens’ High Risk Account Rates
The Office of Insurance Regulation has issued an order approving rates for the Citizens Property Insurance Corporation High Risk Account (HRA). The HRA consists of Citizens’ most coastal exposures and includes personal residential, commercial residential, and traditional commercial exposures. By law, Citizens submits rate filings to the Office of Insurance Regulation, but unlike for typical […]