Insurer to revise practices
Kevin McCarty, Office of Insurance Regulation, Insurance Regulation News, Life Insurance
News & Updates
Office of Insurance Regulation
OIR Holds Life Insurance Hearing Today
The Florida Office of Insurance Regulation holds a public hearing today beginning at 9:30 to discuss life insurance claims settlement practices. The OIR delivered investigative subpoenas to MetLife and Nationwide Life. The OIR has indicated it also is looking into other insurers’ claims practices. Florida is part of a national task force reviewing these issues. […]
Florida Surplus Lines Office (FSLO) Ready to Implement Nonadmitted and Reinsurance Reform Act (NRRA)
The Florida legislature passed Senate Bill 1816 authorizing the Florida Surplus Lines Office to implement NRRA, a Federal law designed to simplify surplus lines regulation by delegating most of the responsibility to the “home state” of the insured. How much taxation is actually simplified remains to be seen as a myriad of state laws and […]
A Look at SB 408’s Reinsurance Cost Recovery
In the property insurance arena, the legislative process is a delicate balancing act as the House and Senate attempt to make adjustments that will lead to insurance coverage that is both available and affordable while also ensuring that consumers are protected. SB 408, which recently passed in the legislature and is awaiting action by Governor […]
Bill lets insurers delay payouts to homeowners
Citizens Property Insurance Corporation, Office of Insurance Regulation, Florida Legislature, Insurance Regulation News, SB 408
Main Property Bill Addresses Sinkhole Concerns
The current sinkhole claims crisis was one of the primary property insurance issues in the 2011 session. Insurers have paid more than $1 billion in sinkhole claims so far according to an Office of Insurance Regulation data call. Unfortunately, reviews found that up to 3/4 of policyholders filing these claims don’t make repairs. This has […]
Property insurance measure heads for Gov. Scott
Office of Insurance Regulation, Florida Legislature, Insurance Regulation News, property insurance, Rick Scott
Florida House passes sweeping property insurance bill
Office of Insurance Regulation, Citizens Property Insurance Corporation, Florida Legislature, Insurance Regulation News, property insurance
OIR to Review Life & Annuity Claims Practices
The Florida Office of Insurance Regulation has announced a public hearing at which it will investigate claims settlement practices in the life and annuity industry. The OIR has directed that representatives of two insurers appear in Tallahassee on May 19 to address its concerns, and OIR advises that it continues to examine other insurers. According […]
OIR promotes Partners in Recovery Program
OIR issues informational memorandum OIR-11-02M in late March to promote the Partners in Recovery Program, “a not-for-profit organization whose primary mission is to expedite the payment of property insurance claims following a disaster.” The memo makes the following observations: Partners in Recovery provides year-round insurance disaster preparation and response communications among the Department of Financial […]