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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 […]
The 2014 legislative session is drawing to a close, but in some respects this only means the political process will shift forums. Florida’s 60-day legislative session has only a week remaining. The last week is always the most active, with bills that have not yet passed being in a do-or-die situation for this year. Among […]
The Florida Supreme Court has announced that it will not hear an appeal relating to the 2012 revisions to Florida’s Personal Injury Protection law. This means the reforms remain in effect. The reforms have been taken into account in insurers’ rate filings, so the Supreme Court’s decision keeps the legal reforms in line with the […]
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 […]
