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As 2015 comes to a close, several aspects of this year’s insurance market stand out. Each year presents its share of successes and its share of challenges, which is expected in a cyclical industry. However, on balance we will remember 2015 for its continued stability in several key insurance markets. In Florida, our view of […]
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 Department of Financial Services recently published a short article in its Insurance Insights newsletter relating to what constitutes a referral fee, marketing or advertising gift, or unlawful inducement. Insurance licensees will recognize these labels from references to them in the Unfair Insurance Trade Practices statute (Section 626.9541) and Section 626.112(8). Although each situation is fact-specific and […]
The Florida Department of Financial Services recently highlighted its divisions that work to reduce fraud in Florida. Insurers are familiar with the state’s Division of Insurance Fraud, which investigates instances of possible insurance-related fraud. DFS points out that the range of fraudulent activities can include staged car accidents to fake water leaks for insurance payments, to […]
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. […]
Chief Financial Officer Jeff Atwater said this week that he won’t run for the U.S. Senate seat being vacated by Marco Rubio in 2016. Atwater decided against a Senate run earlier this year, but his prominence as a statewide elected official coupled with the lack of a clear-cut leader to replace Rubio prompted speculation as […]
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 […]
Insurance Commissioner Kevin McCarty mentioned the possibility of scrapping Florida’s no-fault auto insurance system during a speech at the Florida Chamber of Commerce’s recent insurance summit. Eliminating the no-fault system would require a legislative change and has been discussed by some lawmakers in recent years as they have struggled to implement lasting reforms that curtail […]
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 Florida Hurricane Catastrophe Fund (FHCF) continues to project that it can fully meet its $17.0 billion in potential reimbursement obligations from one or more hurricanes arising in a single season. Recent projections suggest the FHCF could issue $7.6 billion in bonds over a 12-month period following an event. This exceeds the amount that would […]
