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Citizens Property Insurance Corporation announced that a surcharge on Florida homeowners insurance premiums will end about two years earlier than originally planned. The assessment has been in place to pay off bonds from the 2005 hurricane season. The surcharge will end as of July 1, 2015. Inital projections would have extended the surcharge until June 30, 2017. Citizens is able to take this […]
The Florida Office of Insurance Regulation has issued an order establishing the 2015 rates for Citizens Property Insurance Corporation’s personal lines programs. The statewide average homeowners rate decrease is 3.7%, which is a slightly greater reduction than the 3.4% decrease filed by Citizens. The OIR’s order sets rates for Citizens Homeowners’, Dwelling Fire, Mobile Homeowners and Mobile Homeowners Physical Damage policies. […]
A recently filed South Florida lawsuit seeks to have Florida’s 2012 Personal Injury Protection (PIP) reforms declared unconstitutional. The reforms were an effort to stem rising PIP rates and included a $2500 cap on non-emergency services while also removing certain types of services from PIP altogether. This is not the first lawsuit to challenge the […]
Over the last few years, we have grown accustomed to talking about Citizens Property Insurance Corporation’s rates being inadequate and serving as an impediment to policies finding coverage in the admitted market. However, as the rate glide path in 2010 has continued to take effect each year, an increasing number of insurers have been assuming […]
Citizens Property Insurance Corporation has announced that it will not add renewal policies to its clearinghouse until closer to November 1 rather than August or September as previously planned. Currently, new business entering Citizens goes through the clearinghouse process, which allows participating insurers to identify policies meeting their desired underwriting criteria and make offers of coverage […]
Senate Bill 708, now Chapter Law 2014-86, is perhaps best known for the Homeowners Claims Bill of Rights that personal lines residential insurers will be required to send to policyholders within 14 days of receiving claims. However, the Bill of Rights requirement does not take effect until October 1, 2014. In the meantime, other aspects […]
The assessment imposed by the Florida Hurricane Catastrophe Fund (FHCF) will end 18 months earlier than previously projected. Governor Scott and the Cabinet voted to terminate the assessment as of January 1, 2015 rather than the scheduled July 1, 2016, end date. The assessment currently is 1.3% of premiums. Insurers add the assessment amount to […]
The Office of Insurance Regulation has issued informational memorandum OIR-14-02M notifying insurers of changes to the I-File system relating to the handling of trade secret documents. The I-File system accepts, tracks and makes publicly available insurers’ form and rate filings. However, certain required documents might be trade secrets, which can be protected in the I-File system and […]
The Florida legislature adopted SB 542 intended to encourage admitted market insurers to write personal residential flood insurance programs. If approved by the Governor, the bill will make changes to Florida’s rating law and modeling review process to facilitate private flood products. Section 627.062, Florida Statutes, lists factors to be considered by the Office of […]
A $105 million tax cut package passed by the legislature on the last day of session includes a break from sales taxes for consumers purchasing hurricane preparedness supplies as the 2014 hurricane season approaches. Consumers buying hurricane supplies between May 31 and June 8 will be able to do so free from sales tax, assuming […]
