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Florida Insurance Commissioner Kevin McCarty’s announcement that he is resigning effective May 2, 2016, puts Florida in a position it has been in only once before– needing to appoint an insurance commissioner to lead the Florida Office of Insurance Regulation (OIR). McCarty is the first, and only, insurance commissioner appointed after the restructuring of the […]
Florida Legislature, auto insurance, Insurance Regulation News, Personal Injury Protection, OIR, Insurance Regulation
The Florida Office of Insurance Regulation (OIR) will conduct a public hearing to discuss the application for the proposed acquisition of CarePlus Health Plans, Inc., Humana Health Insurance Company of Florida, Inc., Humana Medical Plan, Inc. and CompBenefits Company by Aetna Inc. on December 7, 2015. The next day, the OIR will conduct a public […]
The Florida Office of Insurance Regulation has scheduled hearings on consecutive days in December relating to major pending health insurance acquisitions. On December 7, the OIR will hold a public hearing on Aetna, Inc.’s proposed acquisition of CarePlus Health Plans, Inc., Humana Health Insurance Company of Florida, Inc., Humana Medical Plan, Inc., and CompBenefits Company. […]
The Florida Office of Insurance Regulation has issued an order approving an overall rate reduction of 4.7% in the National Council on Compensation Insurance’s (NCCI’s) recent workers’ compensation insurance rate filing. NCCI originally filed for an overall rate reduction of 1.9%. However, upon review, the OIR disapproved the filing as initially filed and stated that […]
Last week the Office of Insurance Regulation rejected a proposed 1.9% workers compensation rate decrease filed by the National Council on Compensation Insurance and indicated that the OIR instead would approve a revised filing providing for a 5.1% rate decrease. The OIR gave NCCI until November 9 to submit the revisions. NCCI responded before the […]
Kevin McCarty, Insurance Regulation News, OIR, CFO Jeff Atwater, insurer stress test, insurance data call, Florida property insurers, Insurance Regulation
The Florida Office of Insurance Regulation released a report summarizing the results of its annual reinsurance data call and stress test. Under the stress test, residential property insurers are required to identify how their reinsurance programs would respond to several hurricane scenarios, including a single large event or multiple smaller events. According to the OIR’s […]
The Office of Insurance Regulation held a second workshop on a series of proposed changes to rules governing insurance holding company systems, transactions with affiliates, and insurance company acquisitions. The requirements are set forth in administrative rules 69O-143.046, 69O-143.047, and 69O-143.056. Most of the provisions in these rules have been on the books for many […]
The Florida Office of Insurance Regulation (Office) has scheduled a public hearing in connection with its evaluation of the annual NCCI rate filing. The filing proposes an overall average rate decrease of 1.9% for the workers’ compensation line of insurance. NCCI is a licensed rating organization authorized to make rate filings on behalf of approximately 260 workers’ […]
