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The Florida Department of Financial Services has proposed changes to rule 69B-231.020, which establishes the scope of licensees subject to the penalty provisions of rule chapter 69B-231. The rule currently specifies that the chapter applies to insurance agents, customer representatives, adjusters, navigators and service representatives licensed under Chapter 626 of the Florida Insurance Code. The […]
The Florida legislature is back in session from June 1 through as late as June 20 with the primary objective of passing a state budget. The special session became necessary when the House of Representatives abruptly ended its work in the regular session three days early over a disagreement with the Senate as to healthcare […]
The Fourth District Court of Appeal recently issued three opinions that compound the concerns of insurers dealing with increased claims costs due to assignments of benefits. This latest setback follows an earlier decision of the Fifth DCA rejecting an insurer’s argument that post-loss assignments should be prohibited based on a contractor’s not having an insurable […]
As with other aspects of the Florida residential property insurance market, the Florida Hurricane Catastrophe Fund (FHCF) continues to benefit from the recent run of hurricane-free years. Not only does the FHCF anticipate that it can fully meet is statutory limit of $17 billion in single-season capacity, most of the the FHCF’s current single-season capacity […]
The Florida Supreme Court has concluded that Citizens Property Insurance Corporation is not liable under section 624.155 for statutory first-party bad faith actions. The court in Citizens Property Insurance Corporation v. Perdido Sun Condominium Association, Case No. SC14-185, reasoned that the Florida legislature gave Citizens broad immunity from legal actions, with limited exceptions. Statutory bad […]
The Florida Office of Insurance Regulation has issued Informational Memorandum OIR-15-04M relating to “Use of Price Optimization in Premium Determination.” The memorandum concludes that insurers using so-called price optimization should submit filings to eliminate the use of those criteria, and going forward insurers should not use price optimization in their rate filings. The OIR notes […]
House Speaker Steve Crisafulli and Sentate President Andy Gardiner formally called the legislature into a special session to begin June 1. The special session might last until June 20, or such earlier time as the legislature may accomplish their constitutionally required objective of passing a budget. The special session became necessary when lawmakers could not […]
Florida once again has been ranked as the second-best state in the country in which to do business according to Chief Executive magazine. Florida ranks only behind Texas for 2015 in the magazine’s annual survey of corporate chief executive officers. The poll solicited feedback from 511 CEOs on issues such as taxation, regulation, quality of […]
After one of the strangest finishes to a regular session that we’ve seen, the Florida legislature will convene in a special session starting June 1 to deal with the budget and potentially other issues. The special session will begin June 1 and will conclude by June 20, with the possibility that it could end earlier […]
In an unusual move, the Florida House of Representatives adjourned this afternoon and effectively ended the 2015 legislative session. The Florida Senate remains in session, but at this point it can only pass legislation that has already passed the House. The House’s adjournment came after comments from Speaker Crisafulli indicating that the two chambers have […]
