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The disparity between Citizens Property Insurance Corporation’s rates and those in the admitted market is likely to grow. Premiums have increased significantly in the admitted market in recent years, driven by well-documented problems with inflated, represented and litigated claims. These concerns have been compounded by broader inflationary pressures in the economy, including supply chain disruptions […]
Office of Insurance Regulation, hurricane season, Florida Legislature, Department of Financial Services, Insurance Regulation News, AOB Claims, Florida special session, Insurance Regulation
Governor Ron DeSantis’ proclamation declaring a special session on property insurance identifies its scope and provides insight into the upcoming debate. The proclamation specifies the special session will consider (a) property insurance, (b) reinsurance, (c) changes to the Florida Building Code to improve the affordability of property insurance, (d) the Office of Insurance Regulation, (e) […]
The residential insurance market in Florida has experienced years of deterioration resulting in decreased availability of private market options, reductions in coverage and rising insurance premiums. As has been well established by the Florida Office of Insurance Regulation and others, Florida never really had a sinkhole problem, a mold problem, or a water damage problem…. […]
Office of Insurance Regulation, Florida Legislature, Insurance Regulation News, property insurance, Florida Cabinet, homeowners, David Altmaier, roof claims
Citizens Property Insurance Corporation, Office of Insurance Regulation, Insurance Regulation News, property insurance, Florida Cabinet, David Altmaier, roofing claims
Office of Insurance Regulation, Florida Legislature, auto insurance, PIP, Insurance Regulation News, no fault coverage
Citizens Property Insurance Corporation, Office of Insurance Regulation, Florida Legislature, Department of Financial Services, Insurance Regulation News, Insurance Regulation
Citizens Property Insurance Corporation, Office of Insurance Regulation, Insurance Regulation News, property insurance, homeowners
The new year brings the initial reporting period for a new closed claim reporting obligation applicable to residential property insurers. In the 2021 legislative session, the Florida Legislature adopted SB 76 which, among other things, amends Section 624.424 pertaining to insurers’ annual statements. The new requirement specifies that beginning January 1, 2022, each authorized residential […]
