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The Florida Commission on Hurricane Loss Projection Methodology has released its final Windstorm Mitigation Discounts Report discussing problems with the current mitigation discount process and recommending a series of potential solutions. The 2009 Florida Legislature asked the modeling commission to review the current process by which personal and commercial residential policyholders receive discounts on their […]
The Center for Insurance Research, part of the Risk Management & Insurance Program at the Florida State University College of Business, holds its first panel discussion luncheon today at 11:30. The distinguished panel will include German professor Dr. Andreas Richter, Moira Campion McConaghy of the National Association of Insurance Commissioners, and Kevin McCarty, Commissioner of […]
An insurer with $25 million or less in surplus and writing at least 25% of its countrywide property insurance premiums in Florida may file a petition to become a “limited apportionment company.” By law, an insurer must submit its request to be a limited apportionment company within the first 90 days of each calendar year. […]
The Florida Office of Insurance Regulation announced in late 2010 that it was withdrawing the insurer report card rule. This announcement was viewed favorably by many members of the industry because they had commented throughout the workshop and hearing process that the grading formula presents serious concerns. Although the OIR indicated at the time it […]
The Office of Insurance Regulation held a public hearing on December 21 to continue gathering feedback about revisions to its Uniform Mitigation Verification Inspection Form and its Notice of Premium Discounts for Hurricane Loss Mitigation. The hearing attracted relatively few comments on the discount notice form. A few participants commented that the description of mandatory […]
State Farm Florida Insurance Company and the Florida Office of Insurance Regulation have entered into a Consent Order resolving a dispute arising from the insurer’s planned withdrawal from the Florida property insurance market. State Farm Florida filed a withdrawal plan with the Office of Insurance Regulation announcing that it intended to discontinue its property insurance […]
