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The legislature’s 2015 regular session has reached its final week. However, due to continuing negotiations over the budget, the legislature is heading toward either an extension of the session or a separate special session. Either way, the legislature will spend additional time in Tallahassee. However, the decision whether to extend the session or convene in […]
Bills in the Senate and the House of Representatives relating to the assignment of benefits under insurance policies, or AOB as it has been called, have stalled in committees in the respective chambers. Senate bill 1064 was on the agenda for last week’s Senate Judiciary committee meeting, but the committee had a lot of bills […]
Insurance Commissioner Kevin McCarty appeared before the Governor and Cabinet last week to discuss potential standards under which the Office of Insurance Regulation can be objectively reviewed. The Governor and Cabinet have indicated that they want to hear from the agencies they oversee, including the Office of Insurance Regulation, regarding appropriate measurements for their agencies. […]
The Fifth District Court of Appeal upheld an assignment of benefits against a claim that the assignee lacked an insurable interest. In Accident Cleaners, Inc. v. Universal Insurance Company of North America, the Fifth District reviewed a trial court’s dismissal of Accident Cleaners’ complaint against the insurer. Accident Cleaners took an assignment of rights under […]
Florida Chief Financial Officer Jeff Atwater made headlines this weekend when he announced that he will forego a potential opportunity to run for the U.S. Senate in 2016. Current U.S. Senator Marco Rubio is expected to announce his bid for the presidency next week, creating an opening for interested candidates to jump into the race […]
Property insurance issues have dominated the legislative session in nearly every year since Hurricane Andrew. If property insurance was not the most prevalent issue in a given session, it certainly ranked in the top five topics being considered. Over the last twenty years, the legislature has established the Florida Hurricane Catastrophe Fund, merged the former […]
The Office of Insurance Regulation has provided the following overview is intended to assist the industry in understanding the PPACA filing process and deadlines, as well as, to provide insight into how the Office will allocate resources to meet federal timeframes. PPACA Filing Deadlines According to the final United States Department of Health & Human […]
The Office of Insurance Regulation has issued an order to insurers advising that the Citizens Property Insurance Corporation emergency assessment relating to a 2005 plan year deficit will end effective July 1, 2015. The OIR’s order follows action by the Citizens Property Insurance Corporation Board of Governors relating to the defeasance of bonds issued in […]
The Office of Insurance Regulation announced that David Altmaier will become the Deputy Commissioner for Property & Casualty insurance effective March 9, succeeding Rich Koon who has decided to pursue an opportunity in the private sector. In a release to colleagues within the Office of Insurance Regulation, Commissioner McCarty said: Rich Koon, Deputy Commissioner of […]
The House Insurance Committee will hold a workshop at 4:00 today on the assignment of benefits issue. This issue has attracted attention as one of the leading causes of upward pressure on homeowners insurance rates even when reinsurance costs have been declining and Florida has enjoyed a long run of hurricane-free years. An assignment of […]
