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Later today Governor Rick Scott is expected to sign a bill that will reduce vehicle registration fees that were increased in 2009. Unlike last year, however, the fee rollback is not tied to a repeal of insurers’ salary credit against the premium tax. When the proposal surfaced last year, some legislators sought to fund it by eliminating the credit insurers […]
A proposal that would facilitate the repair of homes insured by Citizens Property Insurance Corporation is gaining support but is opposed by the trial bar. The Senate Banking and Insurance Committee advanced a bill that would adopt a form of “managed repair” program for Citizens’ sinkhole claims. Citizens president Barry Gilway favors the proposal as a way […]
The Florida Senate has been advancing a bill intended to increase private market interest in making flood insurance coverage available to Floridians. However, in light of the complexities of the issue, some Senators are suggesting that recent substantial revisions to the bill should be sent back to the Banking and Insurance Committee for further review. […]
Citizens Property Insurance Corporation launches its clearinghouse for new business today. The 2013 Florida legislature authorized the clearinghouse as a method of reducing the inflow of new business into Citizens when private market insurers are willing to write the policies. The clearinghouse is only available for new business entering Citizens but later this year is […]
The Office of Insurance Regulation announced that rates for personal injury protection (PIP) coverage are projected to drop by an average of 13.2 percent. This analysis is based upon on a review of the rates of 20 insurers that comprise a majority of Florida market. It is important to note that PIP coverage makes up only a […]
The Florida Office of Insurance Regulation responded to Chief Financial Officer Jeff Atwater’s request for an analysis of whether insurers are reflecting reduced reinsurance costs in their rate filings. Based upon a detailed review of filings that have been made by insurers among Florida’s Top 30 in writings, the OIR has concluded that insurers indeed […]
Governor Scott has filled a 10-month vacancy in the Lieutenant Governor position by naming Carlos Lopez-Cantera to the post. Lopez-Cantera previously served eight years in the Florida House of Representatives and was the Republican majority leader. Since leaving the House, Lopez-Cantera has been the Miami-Dade County property appraiser. The Lieutentant Governor position has been vacant […]
Chief Financial Officer Jeff Atwater will remain in his current position and will seek reelection. Atwater placed his name in consideration for the presidency of Florida Atlantic University. Atwater announced at the time that the decision was a difficult one for him and in no way reflected any diminished enthusiasm for his position as CFO. […]
The beginning of a new year always brings with it an acceleration of Florida’s consideration of key public policy issues affecting the insurance industry. Activity in Tallahassee slows down in the second half of December, soon followed by the realization that the next legislation will be here quickly. For the property insurance industry, this means […]
As 2013 draws to a close, so will the process by which personal lines insurers may certify their forms’ compliance with the Florida Insurance Code. Through a series of orders, the Office of Insurance Regulation has allowed property and casualty insurers in most lines of business to certify their forms’ compliance with applicable requirements, thereby […]
