After two recent Supreme Court decisions and with the Governor’s race now decided, the process for selecting three new Florida Supreme Court justices has become a little clearer. The justices are retiring in early January 2019 due to reaching the mandatory retirement age. Their mandated retirement coincides with the transition from current Governor Rick Scott […]
The Florida Office of Insurance Regulation has approved a statewide overall rate level decrease of 13.8 percent for workers’ compensation insurance rates. The approval applies to new and renewal workers’ compensation insurance policies effective as of January 1, 2019. The National Council on Compensation Insurance submitted a rate filing in late summer providing for a […]
Several high profile races in Florida were decided, or at least appeared to have been decided, on election night by close margins. At the state level, Republican Ron DeSantis looked like the winner in Governor’s race, Republican Jimmy Patronis prevailed as Chief Financial Officer, Republican Ashley Moody won to succeed Pam Bondi as Attorney General, and […]
The Florida Cabinet consists of the state’s Chief Financial Officer, Attorney General and Commissioner of Agriculture. Together with the Governor, these officers serve as the agency head for several Florida agencies including the Office of Insurance Regulation and Office of Financial Regulation. Florida is in a unique position this year because Election Day guarantees to […]
Hurricane Michael has prompted several changes in the Office of Insurance Regulation’s recent and upcoming schedule. The OIR’s early focus has been on assisting policyholders in the affected areas. In addition, the OIR implemented its post-event loss reporting process. Insurers must report their numbers of claims and estimated loss amounts on a daily basis in […]
The Florida Office of Insurance Regulation has issued an Emergency Order applicable to Florida’s Panhandle and Big Bend regions. The order requires insurers to rescind recently issued cancellation and nonrenewal notices and to extend policyholders’ deadlines. It is similar to one issued last year following Hurricane Irma, although this year’s order covers a narrower area light of Hurricane […]
State offices throughout the Florida Panhandle and Big Bend are closed as the state braces for Hurricane Michael. The state’s emergency operations, of course, remain open and active. In addition, insurance commissioner David Altmaier has said senior Office of Insurance Regulation officials are working remotely as the OIR’s offices are closed for regular business. Hurricane […]
Governor Rick Scott has declared a state of emergency for Northwest Florida as Hurricane Michael takes aim at the region. The state of emergency covers 26 counties in the Panhandle, through Tallahassee and eastward. If the storm continues to move as anticipated, we can expect closures of state offices, schools and similar organizations later in […]
The Florida Office of Insurance Regulation (OIR) is hosting the next edition of its industry summit on October 24-25 in Tallahassee. The OIR has hosted several similar summits in the past to discuss emerging issues of interest to regulators and the insurance industry. Early versions of the summit concentrated on the form and rate filing […]
In a 4-3 decision, the Florida Supreme Court in Harvey v. GEICO General Insurance Company sent a sobering message to insurers. In Harvey, the insured was involved in an accident with another driver who died as a result of his injuries. More here. The insured was covered under a policy providing $100,000 in liability coverage. […]