Regulators warn insurance companies after Hurricane Idalia
Hurricane Idalia, Florida homeowners, property insurance reforms, Governor DeSantis, property insurance, Office of Insurance Regulation
News & Updates
Office of Insurance Regulation
After Idalia, will Florida policyholders see yet another surcharge or increase?
Insurance Regulatory News, Hurricane Idalia, Florida property insurers, Office of Insurance Regulation, Citizens Property Insurance Corporation
Governor Declares State of Emergency for Idalia
Even before Idalia reached tropical storm status, Governor Ron DeSantis issued Executive Order 23-171 declaring a state of emergency for 33 Florida counties. Counties subject to the declaration encompass a large portion of Florida’s Gulf coast, extending from Bay County (Panama City) to Sarasota County. The declaration of emergency activates certain portions of the state’s […]
OIR approves Mainsail as newest domestic property insurer; Citizens in line to shed nearly 300,000 policies
Michael Yaworsky, Depopulation, property insurance, Insurance Regulation News, Office of Insurance Regulation, Citizens Property Insurance Corporation
Four insurers approved to take out up to 184,000 Citizens policies
takeout companies, Depopulation, Insurance Regulation News, Office of Insurance Regulation, Citizens Property Insurance Corporation
OIR Issues Claims Manual Emergency Rule
The Florida Office of Insurance Regulation (OIR) has issued emergency rule 69O-ER-23-2 adopting forms to be used by residential property insurers certifying and submitting claims manuals. The Florida legislature specified in SB 7052 (now Chapter Law 2023-172) that residential property insurers must annually certify they maintain claims manuals meeting certain statutory standards. Insurers also must […]
New Florida law adds guardrails to lender-placed property insurance
Insurance Regulation News, Governor Ron, Senate Bill 2-A, collateral protection, property insurance, Florida Legislature, Office of Insurance Regulation
Are Florida’s insurance regulators stretched too thin?
rate and form filings, Michael Yaworsky, insurance actuaries, Insurance Regulation News, Office of Insurance Regulation
Law Changes to Bring Insurance Rules
The Florida Legislature increased regulatory oversight over the insurance industry in its insurer accountability bill (SB 7052) as summarized separately in this report. The law changes will require the Office of Insurance Regulation to adopt a series of administrative rules. In several cases, the rulemaking process should result in rule workshops this summer as the […]
Insurer Accountability Bill Increases Regulatory Requirements
The 2023 Florida Legislature passed SB 7052, commonly referred to as the insurer accountability bill. The bill came as a surprise to some after the legislature adopted meaningful property insurance reforms in a December 2022 special session and enhanced those reforms earlier in the 2023 session. Some observers commented that SB 7052 will reduce the […]