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The Florida Office of Insurance Regulation has issued a Final Order approving a 9.5% overall rate reduction and 9.8% premium level decrease for the National Council on Compensation Insurance (NCCI). This reduction applies to new and renewal policies effective as of January 1, 2018. “I am pleased that today’s approval of NCCI’s rate filing will […]
Florida State fans are accustomed to discussing rankings around this time of the year. Typically, the rankings being discussed pertain to football and are associated with the playoff picture or bowl games. This year, the football rankings are out the window, but another ranking warrants mentioning. FSU’s Dr. William T. Hold/The National Alliance program in […]
The Florida Hurricane Catastrophe Fund continues to project that its single-season limit of $17 billion is available for reimbursements this year, some of which will be eroded by Hurricane Irma losses. According to current estimates, Irma reimbursements could range from $3 billion to $6 billion, with $5.1 billion being the current point estimate. As the 2017 […]
The Florida Hurricane Catastrophe Fund will be triggered as a result of Hurricane Irma, but expected reimbursements are likely to remain well within the fund’s existing resources. The FHCF’s actuarial consultant projects that the FHCF will reimburse insurers for between $3 billion and $6 billion in losses, with $5.1 being an appropriate and conservative estimate. […]
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 […]
Florida Hurricane Catastrophe Fund Chief Operating Officer Anne Bert provided an update to key legislative committees this week relating to the FHCF’s expected reimbursement obligations arising from Hurricane Irma. Ms. Bert stated that current projections suggest the FHCF’s ultimate losses from Irma will be between $3 billion and $5 billion. This amount is well-within the […]
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 […]
The Florida Office of Insurance Regulation has issued an emergency order in the wake of Hurricane Irma. The order broadly applies to the insurance industry in Florida and is not limited to property insurers. At a high level, the order extends time periods that otherwise would apply for up to 90 days following Hurricane Irma. […]
Governor Rick Scott has placed all of Florida under a state of emergency as the state continues to monitor the movement of Hurricane Irma. The westward projections over the weekend have put much of Florida within Irma’s possible path, and the southern part of the state could see the effects by the end of this week. […]
Questions regarding the permissible fees that a Florida agent may charge are among the most common we see. Likewise, the Florida Department of Financial Services frequently receives questions from agents about the fees they may charge. DFS recently published the following summary of fees that may be lawfully charged by a general lines agent: MVR […]
