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The Office of Insurance Regulation has decided to move forward with repealing the so-called “penalty rule” (69O-142.011 “Insurer Conduct Penalty Guidelines”) despite uniform support among industry representatives for keeping the rule, with appropriate revisions. The existing rule categories many types of violations of the insurance code, informing the public and the insurance industry about the […]
The coming weeks will be important ones for Citizens Property Insurance Corporation as it receives public feedback and considers both its 2013 rate levels and ideas for reducing its size. This week the Office of Insurance Regulation will hold a public forum in Miami to allow interested parties to comment on Citizens’ recommended rates for […]
The Florida Office of Insurance Regulation will hold a public hearing September 20 to discuss and receive input on Citizens Property Insurance Corporation’s proposed rate changs for its Coastal Account and Personal Lines Account (PLA). These accounts include policies for personal residential insurance policies such as homeowners and mobile home owners’ policies. The proposed statewide average rate increase for homeowners’ policies, […]
The Board of Governors of Citizens Property Insurance Corporation has approved a surplus note proposal for further refinement and review. The board’s decision followed review and recommended approval by Citizens’ depopulation committee. The proposal calls for Citizens to loan up to $350 million to participating insurers in the form of surplus notes (subordinated debt). The […]
The Florida Office of Insurance Regulation has issued Informational Memorandum OIR-12-05M relating to the deductbiles to be applied under Isaac losses. Isaac was a tropical storm through the update on Tuesday, August 28, 2012, when it was declared to be a hurricane. The OIR advises that its declaration as a hurricane triggers the hurricane deductible under […]
The Florida Office of Insurance Regulation has issued an administrative order setting forth profit and contingency factors that insurers may use in their rate filings. Property lines of business generally have positive profit and contingency factors, such as homeowners at 4.1% and fire at 3.6%. Liability lines of business generally have negative P&C factors.
The Florida Hurricane Catastrophe Fund (FHCF) adopts its reimbursement contract by administrative rule each year. The FHCF is holding a public forum this morning to consider any needed updates to Rule 19-8.010 relating to next year’s version of the reimbursement contract.
The National Council on Compensation Insurance (NCCI) has delivered its annual workers compensation rate filing to the Office of Insurance Regulation (OIR). The filing provides for an overall workers compensation rate level increase of 6.1%. The proposed effective date is January 1, 2013. Even with the proposed increase, the filing still reflects a significant reduction in rate […]
Florida Insurance Commissioner Kevin McCarty commented earlier today on the 20th anniversary of Hurricane Andrew, an event that shaped the next two decades of property and casualty regulation and legislation as well as other areas like building code requirements and enforcement. The statement follows: “Today marks the anniversary of Hurricane Andrew, a tropical hurricane that […]
The Florida Office of Insurance Regulation (OIR) has released the final version of the actuarial report of Pinnacle Actuarial Resources relating to the anticipated savings under 2012’s Personal Injury Protection (PIP) reform law. The report estimates the indicates savings associated with HB 119 passed in this year’s legislative session. Most of the provisions of the […]
