No hurricanes help Florida insurance industry rebuild
Citizens Property Insurance Corporation, Office of Insurance Regulation, hurricane season, Florida Hurricane Catastrophe Fund, Florida Legislature, Insurance Regulation
News & Updates
Office of Insurance Regulation
Mayo: How to research ‘takeout’ insurance companies
Citizens Property Insurance Corporation, Office of Insurance Regulation, property insurance, takeout
OIR Approves Workers Compensation Rate Decrease
The Office of Insurance Regulation has approved a statewide average rate decrease of 5.2% for workers’ compensation insurance effective as of January 1, 2015. The National Council on Compensation Insurance (NCCI) initially filed for a 2.5% decrease in August but later amended the filing to provide for a 3.3% decrease. The OIR reviewed the filing and […]
OIR Order Seeks Lower Workers Compensation Rates
The Office of Insurance Regulation issued an Order disapproving a statewide average rate decrease of 3.3% for workers compensation insurance filed by the National Council on Compensation Insurance (NCCI). However, in doing so, the OIR specified revisions NCCI can make that will result in approval of a filing with a statewide average decrease of 5.2%. […]
Election Night Brings No Changes to Financial Services Commission
The Governor and Cabinet serve as a collegial governing body known as the Financial Services Commission, which has rulemaking authority for the Office of Insurance Regulation. In addition, the FSC designates the insurance commissioner by a majority vote, with the Governor and Chief Financial Officer required to be on the same side. After last night’s elections, […]
OIR Discusses New P&C Financial Oversight Requirements
At the OIR’s recent “Navigating the Changing Insurance Environment” conference, Director of Property & Casualty Financial Oversight David Altmaier highlighted several recent statutory revisions relating to the property and casualty insurance industry. First, Mr. Altmaier mentioned that the holding company registration statement will be due April 1. This is different than in recent years, when […]
Robert Ridenour of the Office of Insurance Regulation led an informative discussion of changes to the acquisition statement filing process at the recent OIR “Navigating the Changing Insurance Environment” conference. Section 628.461, Florida Statutes, has long governed the filings requires when a person seeks to acquire five percent or more of the outstanding voting securities […]
Scott, Crist differ on property insurance
Citizens Property Insurance Corporation, Office of Insurance Regulation, hurricane season, Florida Hurricane Catastrophe Fund, Florida Legislature, Governor Charlie Crist, Governor Rick Scott
Throw bad PIP insurance practices under bus, Palm Beach Co. schools ask court
Kevin McCarty, Office of Insurance Regulation, auto insurance, PIP
Citizens to End Assessment Early
Citizens Property Insurance Corporation announced that a surcharge on Florida homeowners insurance premiums will end about two years earlier than originally planned. The assessment has been in place to pay off bonds from the 2005 hurricane season. The surcharge will end as of July 1, 2015. Inital projections would have extended the surcharge until June 30, 2017. Citizens is able to take this […]