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Several legislative committees will hear bills this week relating to key insurance issues. The House Banking and Insurance Subcommittee is expected to consider a bill allowing commercial motor vehicle and personal lines property and casualty insurance policies to be posted to the Internet rather than physically delivered in certain circumstances. The House committee also is […]
The Tallahassee Democrat’s editorial this morning entitled “Controlling Citizens” makes some important points about the current state of the supposed residual market. The theme of the editorial is that policymakers should make Citizens Property Insurance Corporation an insurer of “last resort” again. The editorial points out that 23 percent of Florida properties are insured by […]
Most observers would concede that Florida’s insurance code is complicated enough as it stands. In the health insurance context, it contains numerous requirements governing insurers, their financial requirements and obligations, product offerings and benefits, and other issues. This year, Florida lawmakers are dealing with an added dimension of complexity– reconciling the insurance code to the […]
The Florida Office of Insurance Regulation issued orders last year allowing property and casualty insurers to certify most products’ compliance with the insurance code rather than seeking prior approval of the forms. The orders are helpful to the Office of Insurance Regulation in reducing some of the workload associated with reviewing the filings. At the […]
After the Affordable Care Act became law, Florida officials did not take steps to immediately implement it. Due in part to budget considerations and to hopes that it might be repealed or revised after the fall 2012 election cycle, Florida policymakers deferred preparations for the new law. Now the legislature has committees devoted to the task. The Office […]
Insurance Commissioner Kevin McCarty has named Wences Troncoso the OIR’s Deputy Commissioner for Life & Health Insurance. Mr. Troncoso follows Michelle Robleto. The Deputy Insurance Commissioner for Life & Health oversees the Financial Oversight and Product Review sections of the Office of Insurance Regulation. These sections cover areas including review and approval of forms and rates and […]
Florida Chief Financial Officer Jeff Atwater spoke before the Senate Banking & Insurance Committee to say that “standing still” on Florida property insurance issues is not an option. Atwater encouraged the committee to pursue legislation designed to reduce the potential assessment burden on all Floridians that would arise from deficiencies in the state-created insurance entities. […]
Florida Insurance Commissioner Kevin McCarty presented ideas for “principle-based” insurance reform to the Senate Banking and Insurance Committee this afternoon. In his presentation, Commissioner McCarty identified several reasons the private market has difficulty competing with Citizens Property Insurance Corporation. Among these, the Commissioner noted a “mismatch” between primary rate levels and the mitigation discounts for […]
The Florida Office of Insurance Regulation has released its most recent annual report discussing the state of Florida’s workers’ compensation insurance market. According to section 627.211(6), Florida Statutes, the Office of Insurance Regulation must prepare a report for the legislature each year assessing the competitiveness of Florida’s workers’ compensation market. In this year’s report, the […]
The ball has barely finished dropping in Times Square as the world of Florida insurance begins to pick up steam in 2013. The legislature’s annual 60-day session begins March 5, 2013. However, the legislature will hold committee meetings leading up to the session (and in fact had some meetings before the holidays). A few bills have […]
