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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 […]
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. […]
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 […]
Hurricane Michael has prompted several changes in the Office of Insurance Regulation’s recent and upcoming schedule. The OIR’s early focus has been on assisting policyholders in the affected areas. In addition, the OIR implemented its post-event loss reporting process. Insurers must report their numbers of claims and estimated loss amounts on a daily basis in […]
Office of Insurance Regulation, Insurance Regulation News, OIR, emergency order, Hurricane Michael, rate freeze
The Florida Office of Insurance Regulation has issued an Emergency Order applicable to Florida’s Panhandle and Big Bend regions. The order requires insurers to rescind recently issued cancellation and nonrenewal notices and to extend policyholders’ deadlines. It is similar to one issued last year following Hurricane Irma, although this year’s order covers a narrower area light of Hurricane […]
The Florida Office of Insurance Regulation (OIR) is hosting the next edition of its industry summit on October 24-25 in Tallahassee. The OIR has hosted several similar summits in the past to discuss emerging issues of interest to regulators and the insurance industry. Early versions of the summit concentrated on the form and rate filing […]
The insurance industry should stay tuned in the 2018 session for potential updates to Florida’s trade secret laws. Insurers are familiar with Section 624.4213, which creates a process for protecting information submitted to the Office of Insurance Regulation or the Florida Department of Financial Services. Although the current law has been helpful in creating a […]
The Florida Office of Insurance Regulation is holding a public hearing today to discuss NCCI’s proposed overall statewide average workers’ compensation premium decrease of 9.6%. The rate filing includes a statewide average rate decrease of 9.3% and a reduction of the fixed expense cost applicable to every workers’ compensation policy in Florida from $200 to […]
Insurance Commissioner David Altmaier provided updates to the Florida Senate and House of Representatives committees responsible for overseeing insurance issues. Commissioner Altmaier began by summarizing steps the OIR took prior to Hurricane Irma to prepare for the event and provide information to insurers. These steps included press releases and other consumer-oriented communications, outreach to insurers […]
