Florida Property Insurance Market Inches Closer to Crisis – Part 1
Citizens Property Insurance Corporation, Office of Insurance Regulation, property insurance, Insurance Regulatory News
News & Updates
Office of Insurance Regulation
Florida Directs Workers’ Comp Insurers to Comply with COVID-19 Treatment Order
COVID-19, Insurance Regulation News, workers' compensation, Office of Insurance Regulation
Florida Regulator Directs Insurers to Prepare for Coronavirus-Related Interruptions
business continuity, coronavirus, Insurance Regulation News, Office of Insurance Regulation
OIR Issues Memorandum on COVID-19 Preparedness
The Florida Office of Insurance Regulation has issued Information Memorandum OIR-20-03M related to insurers’ business continuity plans and preparedness for the COVID-19 pandemic. The OIR issued the memorandum in response to Executive Order 20-51 issued by Governor Ron DeSantis establishing COVID-19 response protocols. Governor DeSantis also issued Executive Order 20-52 declaring a state of emergency […]
OIR Issues Coronavirus Memorandum
The Florida Office of Insurance Regulation (OIR) issued informational memorandum OIR-20-01M to health insurers and HMO’s related to coronavirus. The memorandum directs health plans to use available channels to communicate with policyholders, agents, providers and employees. These communications should include information disseminated by the Centers for Disease Control and Prevention (CDC) and the Florida Department […]
Rate Hearings Point to Continuing Concerns
In December 2019, Joe Petrelli of Demotech, Inc. sent a letter of Barry Gilway of Citizens Property Insurance Corporation describing several concerns with Florida’s residential property insurance market. Petrelli mentioned that several insurers could see downgrades to their Financial Stability Ratings. He acknowledged that last year’s assignment of benefits (AOB) reforms might be beneficial later. […]
Florida’s New Consumer Advocate Tackles Open Hurricane Michael Claims
Florida Department of Financial Services, Hurricane Michael claims, Florida Consumer Advocate, property insurance, Insurance Regulation News, Office of Insurance Regulation
Why are 18,000 insurance claims from Hurricane Michael still open?
Hurricane Michael claims, David Altmaier, Senate Banking and Insurance Committee, property insurance, Insurance Regulation News, Florida Legislature, Office of Insurance Regulation
Dismissal of AOB Case Leaves Unanswered Questions
The Florida Supreme Court recently decided by a 4-3 vote to dismiss its review of Restoration 1 of Port St. Lucie v. Ark Royal Insurance Company. Interestingly, the three justices in the minority were Governor DeSantis’ recent appointees. The majority was comprised of four justices who were on the court when it accepted the case. The […]
Officials Focus on Open Michael Claims
The Florida Department of Financial Services (DFS) and Office of Insurance Regulation (OIR) encouraged insurers again this week to redouble efforts to resolve Hurricane Michael claims. Chief Financial Officer Jimmy Patronis asked Insurance Commissioner David Altmaier to update the status of the insurance industry’s Michael response. Commissioner Altmaier responded that about 15 percent of the […]