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mitigation discounts

Busy Week for Insurance Legislation

Busy Week for Insurance Legislation

Several legislative committees will hear bills this week relating to key insurance issues.  The House Banking and Insurance Subcommittee is expected to consider a bill allowing commercial motor vehicle and personal lines property and casualty insurance policies to be posted to the Internet rather than physically delivered in certain circumstances.  The House committee also is […]

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Commissioner Discusses Misalignment Between Rates and Mitigation Discounts

Commissioner Discusses Misalignment Between Rates and Mitigation Discounts

Florida Insurance Commissioner Kevin McCarty presented ideas for “principle-based” insurance reform to the Senate Banking and Insurance Committee this afternoon.  In his presentation, Commissioner McCarty identified several reasons the private market has difficulty competing with Citizens Property Insurance Corporation.  Among these, the Commissioner noted a “mismatch” between primary rate levels and the mitigation discounts for […]

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Consumer Advocate Questions Citizens Mitigation Program

Consumer Advocate Questions Citizens Mitigation Program

Florida’s Insurance Consumer Advocate Robin Westcott raised concerns about Citizens Property Insurance Corporation’s mitigation reinspection program at its recent board and committee meetings.  Ms. Westcott also issued a press release saying that the inspection process is confusing, has inequitable results, and serves as a threat to Florida’s already vulnerable economy. “The current inspection process is working against the very […]

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Regulatory Reform Transition Team Releases Summary Document

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 […]

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OIR Gathers Input on Mitigation Verification Form and Notice

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 […]

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