News & Updates
Office of Insurance Regulatiom
OIR Counsel Outlines Trade Secret Filing Requirements
The Office of Insurance Regulation provided an overview of the trade secret filing requirements at its 2014 “Navigating the Changing Insurance Environment” industry conference. Virginia Christy of the OIR described the statutes that relate to trade secret filings and the process that ensues when a public records request encompasses documents marked as trade secrets. Florida […]
Property insurance market more stable
Florida Legislature, Kevin McCarty, Citizens Property Insurance Corporation, property insurance, Office of Insurance Regulatiom, Insurance Regulation
PIP Rates Projected to Decline
The Office of Insurance Regulation announced that rates for personal injury protection (PIP) coverage are projected to drop by an average of 13.2 percent. This analysis is based upon on a review of the rates of 20 insurers that comprise a majority of Florida market. It is important to note that PIP coverage makes up only a […]
OIR, CFO Comment on Property Insurance Rates
The Florida Office of Insurance Regulation responded to Chief Financial Officer Jeff Atwater’s request for an analysis of whether insurers are reflecting reduced reinsurance costs in their rate filings. Based upon a detailed review of filings that have been made by insurers among Florida’s Top 30 in writings, the OIR has concluded that insurers indeed […]
Legislature Considers Surplus Lines Insurers for Citizens Depopulation
Both chambers of the Florida legislature are advancing bills that would surplus lines insurers to remove policies from Citizens Property Insurance Corporation. As Citizens’ policy count continues to skyrocket, the legislature is looking for opportunities to attract insurers that might be interested in its policies. Opponents of the bill have questioned whethere it contains enough protections for […]
New Financial Services Commission Takes the Reins
The new year marks a new beginning for Florida’s Financial Services Commission. Under Florida’s regulatory structure, the Governor and Cabinet make up the four-member Financial Services Commission. This collegial body has rulemaking authority for the Office of Insurance Regulation and Office of Financial Regulation. In addition, the Financial Services Commission is responsible for employing the […]