Radey is an AV-rated firm consisting of lawyers who practice before state agencies and in all state and federal courts.
The residential insurance market in Florida has experienced years of deterioration resulting in decreased availability of private market options, reductions in coverage and rising insurance premiums. As has been well established by the Florida Office of Insurance Regulation and others, Florida never really had a sinkhole problem, a mold problem, or a water damage problem…. […]
Effective January 1, 2022, insurers using credit reports or credit scoring for underwriting or rating purposes must provide a new notice to consumers. The notice must state: The Department of Financial Services offers free financial literacy programs to assist you with insurance-related questions, including how credit works and how credit scores are calculated. To learn […]
The Florida Hurricane Catastrophe Fund (FHCF) projects that will be able to satisfy its $17 billion in single-season reimbursement obligations if called upon. The FHCF releases its estimated claims-paying capacity in May and October of each year. In its October estimate, the FHCF anticipates it would reach the $17 billion single season cap through $11.3 […]
The Florida Office of Insurance Regulation (OIR) will hold a public hearing at 10:00 a.m. on October 14 to receive input regarding the National Council on Compensation Insurance’s (NCCI’s) recent rate filing proposing an average decrease of 4.9%. According to NCCI, in 2020 the workers’ compensation insurance industry posted its fourth consecutive year of underwriting […]
The Florida Office of Insurance Regulation (OIR) recently indicated it anticipates initiating rulemaking by November 1 with respect to the new closed claim reporting requirement in SB 76 (Chapter Law 2021-77). Adopted in the 2021 legislative session, SB 76 added a new subsection (11) to Section 624.424 governing insurers’ submissions of annual statements. The new […]
Citizens Property Insurance Corporation’s president Barry Gilway recently projected the organization’s policy count could reach between 1 million and 1.3 million policies in 2022. Its policy count has been increasing steadily since late last year as adverse market conditions have eroded capital and reduced insurers’ willingness to write policies in several areas of the state. […]
Observers of Florida’s personal auto market are well aware of the legislative debates in recent years over the future of Florida’s no-fault Personal Injury Protection (PIP) insurance laws. Proponents of PIP have pointed to it as a relatively fast, no-fault basis of ensure basic coverage amounts are in place for injuries arising from auto accidents. […]
The Federal Insurance Office (FIO) of the U.S. Department of the Treasury (Treasury) has issued a Request for Information (RFI) seeking public input on climate-related financial risks and their impact on the insurance industry. The RFI requests written comments from interested parties on or before November 15, 2021. As background, the FIO points out that […]
The “Made in America” tax plan is drawing considerable opposition from observers familiar with Florida’s property insurance market. Its provisions labeled Stopping Harmful Inversions and Ending Low-tax Developments (SHIELD) are intended to close loopholes allowing corporations to avoid taxes through multi-national business structures. The proposal would establish a global minimum tax of 15 to 21%. […]
Citizens Property Insurance Corporation has continued to grow at a troubling rate in recent weeks. Its policy count topped 660,000 policies at the end of July. This represents an increase of about 23,000 policies compared to its June total, meaning Citizens continues to add policies at a rate of more than 5,000 per week. Citizens […]
