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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’ […]
An administrative law judge has ruled that a Florida Hurricane Catastrophe Fund (FHCF) data call request for insurers’ street address data by policy is invalid because the request exceeds the FHCF’s deleted legislative authority. Insurers submit data call responses to the FHCF each year containing details about the residential insurance policies they write. Historically, the […]
In its Insurance Insights newsletter, the Florida Department of Financial Services has summarized its access to licensees’ records as its compliance topic of the month. DFS notes that its right to conduct investigations and attain access to the accounts, records, documents, and transactions pertaining to or affecting the insurance affairs of any licensee is addressed […]
Insurance Commissioner Kevin McCarty has requested that the Federal Emergency Management Agency (FEMA) provide data relating to how the National Flood Insurance Program (NFIP) sets rates. McCarty has commented that even without seeing the data, it appears that the NFIP’s rates would not satisfy the Office of Insurance Regulation’s standard that rates not be unfairly […]
Insurance Consumer Advocate Sha’Ron James recently told the House of Representatives’ Banking & Insurance Subcommittee that the assignment of benefits issue is a priority for her office in the 2016 legislative session due to the adverse impact it is having on consumers. While she indicated that her office is still evaluating the issue and is […]
WJXT in Jacksonville (News4Jax) recently highlighted how the windshield replacement scam is affecting Duval County residents. The news report advised viewers to be on the lookout for door-to-door solicitors who approach residents asking for their auto insurance information and trying to get them to file claims. News4Jax called this what it is— a scam. They […]
The Florida Association for Insurance Reform (FAIR) presented its Founder’s Award to Joe Petrelli and Sharon Romano of Demotech, Inc. FAIR is a non-profit educational organization that educates consumers and industry stakeholders about issues involving insurance public policy. The 2015 FAIR awards banquet provided an opportunity to reflect on the history of the Florida insurance […]
Florida Insurance Commissioner Kevin McCarty received the Lifetime Achievement Award from the Florida Association for Insurance Reform (FAIR) at its 2015 awards banquet. FAIR is a non-profit association that works to educate consumers and industry stakeholders about the effects of insurance public policy considerations. FAIR attempts to encourage dialogue among consumers, insurers, public adjusters, the trial […]
The Florida Office of Insurance Regulation (Office) has issued an order establishing the 2016 commercial lines rates for Citizens Property Insurance Corporation (Citizens). The overall estimated statewide average rate changes are shown in the chart below. The effective date for both new and renewal rates within the Commercial Lines and Coastal Accounts is February 1, 2016. […]
