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The Florida Office of Insurance Regulation (Office) has scheduled two public hearings for today to discuss key long-term care rate filings that are pending before the Office. The filings relate to proposed rate increases submitted by Metropolitan Life Insurance Company (“Metlife”) and Unum Life Insurance Company of America (“Unum”). The Office has elected to host the public […]
As required by a law passed in 2013, the maximum Coverage A amounts for Citizens Property Insurance Corporation’s personal residential coverage will be reduced again effective January 1, 2017. Effective at the beginning of net year, the following new business and renewals for personal residential risks are no longer are eligible for coverage in Citizens: A structure […]
The Florida Office of Insurance Regulation (OIR) announced this week that filings of the National Council on Compensation Insurance (NCCI) are now available through the OIR’s I-File system. This includes prior filings dating back to the 2001 implementation of the electronic filing system. NCCI wrote to the OIR acknowledging that both the OIR and NCCI […]
Speaking at an industry conference this week, Insurance Commissioner David Altmaier highlighted reliability, availability and affordability as the cornerstones of product regulation. Commissioner Altmaier briefly discussed these areas as they currently relate to the Florida insurance market. In the area of reliability, the Commissioner noted that the Office of Insurance Regulation’s financial oversight role seeks to ensure […]
The National Council on Compensation Insurance (NCCI) has revised its previous 17.1% rate increase filing in light of the Florida Supreme Court’s recent decision in Westphal. The proposed increase is now 19.6%. The effective date of the proposed rates is October 1, 2016. However, the Office of Insurance Regulation has scheduled a public hearing on […]
Continuing concerns with water damage claims issues have prompted the Board of Governors of Citizens Property Insurance Corporation to sign off on a proposed 6.8 percent statewide rate increase. This reflects the average rate change, with some territories experiencing greater increases. In addition, the amount that Citizens can increase any policyholder’s rates is capped by […]
Citizens Property Insurance Corporation, Office of Insurance Regulation, Insurance Regulation News, property insurance, water claims
Kevin McCarty, Office of Insurance Regulation, Insurance Regulation News, OIR
For the second time in six weeks, the Florida Supreme Court has held part of Florida’s workers’ compensation law to be unconstitutional. In Westphal v. City of St. Petersburg, the Supreme Court considered the constitutionality of section 440.15(2)(a), Florida Statutes, which cuts off disability benefits at 104 weeks for a worker who is totally disabled […]
Citizens Property Insurance Corporation, Office of Insurance Regulation, hurricane season, Insurance Regulation News, property insurance, Florida Hurricane CAT Fund
