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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 […]
The campaign commercials on TV are a constant reminder that the fall election cycle is rapidly approaching. The presidential election commands most of the attention, but state legislative races have the most immediate bearing on insurance legislation in this state. As soon as the winners emerge from this fall’s elections, the legislature will hold and […]
A recent report from the Kaiser Foundation indicated that health insurers will be required to issue millions of dollars in refunds because their medical loss ratios fall below new requirements. However, the Florida Office of Insurance Regulation issued a statement pointing out that the report might be drawing conclusions from data that was not intended […]
The last week has brought good news to Commissioner Kevin McCarty and the Florida Office of Insurance Regulation. Governor Risk Scott recently commented that he is saitisfied with the job Commissioner McCarty has been doing and expects the OIR to be part of the solution as he pushes toward reducing the size of Citizens Property […]
The subject of annuities was addressed in the last days of the 2010 Florida Legislative Session in a general insurance bill (SB 2176), now Chapter 2010-175, Laws of Florida. The statute, section 626.99(4)(c), was amended to require cover pages for fixed and variable annuity contracts. For fixed annuities the statute requires the notice to be […]
The Office of Insurance Regulation has issued a letter to insurers providing guidance on annual statement reporting for reinsurance contracts with reinsurers subject to reduced collateral requirements. The OIR has adopted an administrative rule allowing insurers to take credit for reinsurance with certain highly-rated reinsurers even when those reinsurers do not meet the full collateralization […]
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 […]
