News & Updates

Office of Insurance Regulation

OIR Memorandum Provides Guidance on Reinsurance Coverage

OIR Memorandum Provides Guidance on Reinsurance Coverage

OIR has issued an informational memo OIR-10-01M notifying property insurers of a modified approach to the OIR’s requirements for minimum reinsurance coverage for catastrophe reinsurance.  The memo states: “This year the Office of Insurance Regulation (Office) will be looking at the totality of the catastrophe risk from multiple storms and ultimately the insurer’s ability to […]

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FSU Catastrophe Center Discusses Mitigation Discounts

FSU Catastrophe Center Discusses Mitigation Discounts

The Florida Catastrophic Storm Risk Management Center has released a report discussing implementation of Florida’s mitigation discount program for residential property insurance.  This report is the third in a series of recent studies identifying significant concerns with the way the current system of mitigation discounts has affected the residential property insurance market.  The Florida Commission […]

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OIR Proposes Changes to Model Audit Rule

OIR Proposes Changes to Model Audit Rule

The OIR has announced a notice of proposed rulemaking for Rule 69O-137.002, Model Audit Rule.  If requested a hearing will be held on April 23, 2010. Some highlights of the rule, which attempts to match Florida’s rule with the NAIC model.  1.  It now expressly requires: (a) Communication of Internal Control Related Matters in an […]

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