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One of the Florida Office of Insurance Regulation’s (“FLOIR”) priorities for the 2013 legislative session is to have the legislature adopt the National Association of Insurance Commissioners’ holding company model act. Florida’s holding company registration requirements have remained largely unchanged for many years and no longer are consistent with requirements being adopted in other jurisdictions […]
The Florida Office of Insurance Regulation issued orders last year allowing property and casualty insurers to certify most products’ compliance with the insurance code rather than seeking prior approval of the forms. The orders are helpful to the Office of Insurance Regulation in reducing some of the workload associated with reviewing the filings. At the […]
After the Affordable Care Act became law, Florida officials did not take steps to immediately implement it. Due in part to budget considerations and to hopes that it might be repealed or revised after the fall 2012 election cycle, Florida policymakers deferred preparations for the new law. Now the legislature has committees devoted to the task. The Office […]
Insurance Commissioner Kevin McCarty has named Wences Troncoso the OIR’s Deputy Commissioner for Life & Health Insurance. Mr. Troncoso follows Michelle Robleto. The Deputy Insurance Commissioner for Life & Health oversees the Financial Oversight and Product Review sections of the Office of Insurance Regulation. These sections cover areas including review and approval of forms and rates and […]
The Florida Office of Insurance Regulation has released its most recent annual report discussing the state of Florida’s workers’ compensation insurance market. According to section 627.211(6), Florida Statutes, the Office of Insurance Regulation must prepare a report for the legislature each year assessing the competitiveness of Florida’s workers’ compensation market. In this year’s report, the […]
By some standards, there were fewer blockbuster issues in the Florida insurance market in 2012 than in some prior years. After all, this was not a year in which the legislature needed to tackle workers’ compensation or medical malpractice reform, and efforts at bad faith reform stalled fairly early in the legislative session. Florida thankfully […]
The Florida Office of Insurance Regulation has issued a revised Order numbered 130176-12 relating to exempting certain property and casualty insurance forms from the statutory review and approval process. The new Order replaces Order 126368-12 issued June 25, 2012. Under the new order, insurance company officials may continue to submit certifications with their form filings […]
At the recommendation of the Florida Insurance Guaranty Association (FIGA), the Office of Insurance Regulation has issued an order levying an assessment of 0.9% of net direct written premiums for FIGA’s “All Other” account. This account encompasses most lines of property and casualty insurance other than auto and workers’ compensation. For example, it includes fire, […]
The Office of Insurance Regulation has named Jack McDermott its new Director of Life & Health Product Review. He succeeds Suzetta Furlong, who is leaving OIR to take a position with the Division of State Group Insurance at the Department of Management Services. McDermott has held several roles at the OIR, most recently serving as […]
The Office of Insurance Regulation (OIR) has released Informational Memorandum OIR-12-06M to all insurers writing motor vehicle insurance in Florida. The memorandum inteprets a provision of HB 119 on PIP reform providing that the applicable fee schedule is the Medicare fee schedule in effect on March 1 of the year in which services are rendered […]
