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Today marks the date auto insurers must submit their rate filings reflecting savings associated with reforms to Florida’s Personal Injury Protection (PIP) laws. The legislature enacted a series of changes to Florida’s PIP laws based upon concerns that fraudulent and inflated claims were leading to unsustainable rate increases for the coverage. The legislation also tasked […]
The Florida Office of Insurance Regulation has approved an additional 60,000 policies to be removed from Citizens Property Insurance Corporation in November 2012. This is in addition to 150,000 policies previously approved for November assumption, and adds to the 84,339 policies already assumed during this calendar year. “One of the Office’s goals continues to be to support a […]
property insurance, Insurance Regulation News, Office of Insurance Regulation, Kevin McCarty, Citizens Property Insurance Corporation
The Florida Office of Insurance Regulation held a public hearing today in Miami to seek additional information about Citizens Property Insurance Corporation’s recommended rate filings and to allow interested parties to comment. Florida law specifies that Citizens will submit actuarially sound rates, provided that no policyholders’ rates will go up by more than 10% (with […]
The Florida Office of Insurance Regulation holds a public hearing today to discuss and receive input on Citizens Property Insurance Corporation’s proposed rate changs for its Coastal Account and Personal Lines Account (PLA). The proposed statewide average rate increase for homeowners’ policies, including sinkhole coverage, are 11.1 percent for the Coastal Account and 12 percent for the Personal Lines Account. Sinkhole prone […]
auto insurance, Insurance Regulation News, PIP, Florida Legislature, Office of Insurance Regulation
The Office of Insurance Regulation has decided to move forward with repealing the so-called “penalty rule” (69O-142.011 “Insurer Conduct Penalty Guidelines”) despite uniform support among industry representatives for keeping the rule, with appropriate revisions. The existing rule categories many types of violations of the insurance code, informing the public and the insurance industry about the […]
The coming weeks will be important ones for Citizens Property Insurance Corporation as it receives public feedback and considers both its 2013 rate levels and ideas for reducing its size. This week the Office of Insurance Regulation will hold a public forum in Miami to allow interested parties to comment on Citizens’ recommended rates for […]
Office of Insurance Regulation, Kevin McCarty, Florida Legislature, excess profits, Insurance Regulation News
Insurance Regulation News, annuities, Office of Insurance Regulation
