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In yesterday’s blog, I mentioned pending legislative proposal to modernize Florida’s holding company regulations. I looked at the existing holding company requirements. Today we’ll consider the statutory revisions contained in this year’s legislative proposals. Proposed Statutory Revisions The existing statutes and rules are less comprehensive than model requirements adopted by the NAIC that are beginning […]
One of the Florida Office of Insurance Regulation’s (“FLOIR”) priorities for the 2013 legislative session is to have the legislature adopt the National Association of Insurance Commissioners’ holding company model act. Florida’s holding company registration requirements have remained largely unchanged for many years and no longer are consistent with requirements being adopted in other jurisdictions […]
Implementation of the federal Affordable Care Act has quickly shaped up to be perhaps the highest profile and most hotly debated issue of the 2013 legislative session. Governor Rick Scott surprised many when he announced shortly before the session that he supports expanding Medicaid to comply with the Affordable Care Act. Several Republican policymakers promptly […]
The House of Representatives’ Civil Justice Committee advanced HB 827 by a 9-4 vote. The bill is intended to moderate medical malpractice costs and provide additional protections for hospitals. One component of HB 827 would protect hospitals against liability for negligence arising from physicans who are independent contractors. Other aspects of the billl would aid in […]
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 […]
