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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 […]
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 […]
As required by a law passed in 2013, the maximum Coverage A amounts for Citizens Property Insurance Corporation’s personal residential coverage will be reduced again effective January 1, 2017. Effective at the beginning of net year, the following new business and renewals for personal residential risks are no longer are eligible for coverage in Citizens: A structure […]
Citizens Property Insurance Corporation recently announced that it had 727,122 policies as of November 30, 2014. This is about half of Citizens’ policy count a few years ago when it reached a high of about 1.4 million policies. The Citizens portfolio consists predominantly of personal residential policies, although it continues to have significant commercial exposure […]
Over the last few years, we have grown accustomed to talking about Citizens Property Insurance Corporation’s rates being inadequate and serving as an impediment to policies finding coverage in the admitted market. However, as the rate glide path in 2010 has continued to take effect each year, an increasing number of insurers have been assuming […]
The Florida legislature adopted SB 542 intended to encourage admitted market insurers to write personal residential flood insurance programs. If approved by the Governor, the bill will make changes to Florida’s rating law and modeling review process to facilitate private flood products. Section 627.062, Florida Statutes, lists factors to be considered by the Office of […]
The so-called omnibus bill (HB 635) has passed the House of Representatives by a 100-17 margin and has been referred to the Florida Senate. The bill addresses a wide range of insurance matters, consisting primarily of issues that generally are thought not to be controversial. The range of issues covered by the bill includes: Extending […]
