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The Florida Office of Insurance Regulation has proposed an amendment to rule 69O-170.0115 seeking to adopt a new version of form OIR-B1-1802 “Uniform Mitigation Verification Inspection Form.” The “1802 Form,” as it is commonly known, allows insureds to qualify for windstorm premium discounts based on the construction techniques or mitigation features of their homes. The […]
The Florida legislature is expected to take steps this session to improve the Florida property insurance market. After a series of committee meetings, some of the ideas are beginning to take shape. According to Senate Banking & Insurance Chairman David Simmons, the committee will have a bill dealing with issues relating to Citizens Property Insurance […]
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 […]
Citizens Property Insurance Corporation recently indicated that as of March 31, 2012, it had completed processing 158,135 reinspections relating to mitigation discounts, with 68% of the reinspections showing a need for premium adjustments. The reinspections include 62% showing a premium increase (i.e., removal of credits) and 6% showing a premium decrease (i.e., additional credits warranted). […]
At the end of the recent NAIC conference in Orlando, the Office of Insurance Regulation held a symposium on the state of Florida’s property insurance market. The session recapped many of the known concerns about the current market, including the role of sinkholes, re-opened hurricane claims, and public adjusters in driving up insurers losses and […]
