Radey is an AV-rated firm consisting of lawyers who practice before state agencies and in all state and federal courts.
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 […]
Florida Insurance Commissioner Kevin McCarty and other state insurance commissioners recently wrote to U.S. Department of Health and Human Services Secretary Kathleen Sebelius regarding concerns with the medical loss ratio requirements arising from the Patient Protection and Affordable Care Act (PPACA). Under the PPACA, the National Association of Insurance Commissioners (NAIC) must develop uniform definitions […]
The Office of Insurance Regulation recently announced that Florida Insurance Commissioner Kevin McCarty joined regulators from other states in voting to approve the NAIC’s recommended language for the Medical Loss Ratio (MLR) definition under the federal Affordable Care Act. Due to the definition of medical expenses, health insurance agent premiums were not included in the definition of […]
