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The Florida Office of Insurance Regulation has published notice of a public hearing relating to its adoption of the 2015 and 2016 NAIC Financial Condition Examiners Handbooks. Additionally, the Office of Insurance Regulation plans to hold a public hearing relating to its adoption of the current version of the NAIC quarterly and annual statement instructions […]
The Office of Insurance Regulation held a second workshop on a series of proposed changes to rules governing insurance holding company systems, transactions with affiliates, and insurance company acquisitions. The requirements are set forth in administrative rules 69O-143.046, 69O-143.047, and 69O-143.056. Most of the provisions in these rules have been on the books for many […]
Florida Insurance Commissioner Kevin McCarty received the Lifetime Achievement Award from the Florida Association for Insurance Reform (FAIR) at its 2015 awards banquet. FAIR is a non-profit association that works to educate consumers and industry stakeholders about the effects of insurance public policy considerations. FAIR attempts to encourage dialogue among consumers, insurers, public adjusters, the trial […]
The Florida Office of Insurance Regulation held a workshop at its office in Tallahassee to discuss potential amendments to key administrative rules governing insurance holding company systems and transactions between insurers and their affiliates. The workshop is the first step in the administrative rule making process, which ultimately leads to formal revisions to regulations governing […]
Insurance Commissioner Kevin McCarty appeared before the Governor and Cabinet last week to discuss potential standards under which the Office of Insurance Regulation can be objectively reviewed. The Governor and Cabinet have indicated that they want to hear from the agencies they oversee, including the Office of Insurance Regulation, regarding appropriate measurements for their agencies. […]
Rich Robleto has agreed to return to OIR as Life and Health Deputy Commissioner. The OIR announced his return in a release dated March 12, 2014. He will officially begin the job on March 24. The announcement quoted Insurance Commissioner Kevin McCarty stating: “Rich Robleto is a seasoned professional with more than 30 years of […]
Florida’s Auditor General recently issued Report 2014-009 relating to its operational audit of the Florida Office of Insurance Regulation. The Office of Insurance Regulation in turn has provided its responses to the audit findings. The report identified the following four findings: Finding No. 1: Office policies and procedures should be enhanced to require that the […]
In yesterday’s blog, I mentioned pending legislative proposal to modernize Florida’s holding company regulations. I looked at the existing holding company requirements. Today we’ll consider the statutory revisions contained in this year’s legislative proposals. Proposed Statutory Revisions The existing statutes and rules are less comprehensive than model requirements adopted by the NAIC that are beginning […]
Office of Insurance Regulation, Insurance Regulation News, Insurance Consumer Advocate, lender-placed, NAIC, Robin Westcott, Insurance Regulation
The Florida Office of Insurance Regulation and Insurance Commissioner Kevin McCarty continue to take a close look at lender-placed or force-placed insurance. In its most recent action, the OIR announced on Friday that it intends to disapprove a recent rate filing submitted by Praetorian Insurance Company (Praetorian). Praetorian submitted a rate filing proposing a modest statewide decrease […]
