News & Updates

OIR

OIR to Receive Public Input on NCCI Workers’ Compensation Filing

OIR to Receive Public Input on NCCI Workers’ Compensation Filing

The Florida Office of Insurance Regulation (OIR) will hold a public hearing at 10:00 a.m. on October 14 to receive input regarding the National Council on Compensation Insurance’s (NCCI’s) recent rate filing proposing an average decrease of 4.9%. According to NCCI, in 2020 the workers’ compensation insurance industry posted its fourth consecutive year of underwriting […]

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OIR to Adopt Rule Implementing Closed Claim Reporting Requirement

OIR to Adopt Rule Implementing Closed Claim Reporting Requirement

The Florida Office of Insurance Regulation (OIR) recently indicated it anticipates initiating rulemaking by November 1 with respect to the new closed claim reporting requirement in SB 76 (Chapter Law 2021-77).  Adopted in the 2021 legislative session, SB 76 added a new subsection (11) to Section 624.424 governing insurers’ submissions of annual statements.  The new […]

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Governor Signs Property Insurance Bill

Governor Signs Property Insurance Bill

Governor Ron DeSantis has signed this year’s primary property insurance bill, SB 76, into law.  Most of the bill’s provisions take effect July 1, 2021. The legislature passed SB 76 after extended debate leading into and during the 2021 legislative session.  As is often the case during the legislative process, the final bill reflects a […]

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Questions Remain After Property Bill Passes Late in Session

Questions Remain After Property Bill Passes Late in Session

The 2021 Florida Legislature spent several months evaluating property insurance reform proposals.  The committee hearing process included testimony from Insurance Commissioner David Altmaier, Citizens Property Insurance Corporation CEO Barry Gilway and many others.  Despite these months of analysis, the primary property insurance reform bill (SB 76) was amended several times in the last week of […]

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Florida Leads Nation in Homeowners Litigation by Staggering Margin

Florida Leads Nation in Homeowners Litigation by Staggering Margin

The Florida Office of Insurance Regulation (OIR) recently analyzed nationwide homeowners insurance claims and litigation data and reached a well-known but unfortunate conclusion–  Florida leads the country in litigation by a staggering margin. OIR aggregated market conduct survey data related to lawsuits opened throughout the United States from 2016 through 2019 (the last year for […]

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Altmaier to Become NAIC President

Altmaier to Become NAIC President

In their recent fall meeting, members of the National Association of Insurance Commissioners (NAIC) elected Florida Insurance Commissioner David Altmaier as the NAIC’s next president.  Altmaier succeeds outgoing president Ray Farmer of South Carolina. Commissioner Altmaier has served as Florida’s Insurance Commissioner since 2016.  Prior to being named Florida’s commissioner, Altmaier has held several positions […]

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OIR Issues Memorandum on COVID-19 Preparedness

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 […]

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OIR Issues Coronavirus Memorandum

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 […]

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Rate Hearings Point to Continuing Concerns

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.  […]

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