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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 […]
By some standards, there were fewer blockbuster issues in the Florida insurance market in 2012 than in some prior years. After all, this was not a year in which the legislature needed to tackle workers’ compensation or medical malpractice reform, and efforts at bad faith reform stalled fairly early in the legislative session. Florida thankfully […]
Chief Financial Office Jeff Atwater has suggested that the Governor and Cabinet, serving as the Financial Services Commission, oversee the selection of an Inspector General to review Citizens Property Insurance Corporation. Atwater also wants the Inspector General to report to the Financial Services Commission for at least 12 months. Governor Rick Scott recently called for […]
Citizens Property Insurance Corporation is hosting a depopulation summit today in Tampa. The session will begin with a discussion of the recent survey Citizens conducted to determine insurers’ thoughts on removing policies. Topics to be discussed in this area include the ability of insurers to charge adequate rates, the availability and cost of reinsurance for […]
Governor Rick Scott has vetoed HB 5505, which would have created a program by which insurers could prepay premium taxes in exchange for future credits, with the proceeds being used to create liquidity for the Florida Hurricane Catastrophe Fund (FHCF). The Governor stated in his veto message that he would not approve the bill because […]
A proposal to reduce the size of the Florida Hurricane Catastrophe Fund (FHCF) remains under consideration in the Florida Senate in the form of SB 1372. A similar proposal exists in the House of Representatives but has not advanced thus far in the 2012 legislative session. This proposal, which has been termed the FHCF “right-sizing” […]
