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The Senate Banking and Insurance Committee approved a bill that would use a portion of the Florida Hurricane Catastrophe Fund’s investment income to support the Florida Catastrophic Storm Risk Management Center at Florida State University. Under the formula set forth in the bill, the Storm Center would have received a little less than $500,000 annually […]
The Office of Insurance Regulation has followed up on a 2014 rule development workshop by now proposing two rules related to credit for reinsurance. Proposed rule 69O-144.005 “Credit for Reinsurance” and proposed rule 69O-144.007 “Credit for Reinsurance from Certified Reinsurers” will provide guidance to reinsurers seeking to maintain reduced collateral and to domestic ceding insurers. […]
Two rules proposed by the Department of Business and Professional Regulation are prompting concerns among property insurers over their potential impact on water damage claims. One of the most prevalent questions in the property insurance arena current is whether insurance rates are going down commensurate with reductions in reinsurance prices in recent years. Declining reinsurance […]
The Office of Insurance Regulation has released its 2014 annual report on the state of the Florida workers’ compensation insurance market. The report concludes that the market currently is competitive, well-capitalized, and robust. The report points out that six of the 10 largest workers’ compensation insurers in Florida are Florida-domiciled, up from four in the […]
The Office of Insurance Regulation has determined there is not a “reasonable degree of competition” in Miami-Dade and Monroe Counties for homeowners with dwelling limits exceeding $900,000 or for condominium unit owners with combined dwelling and contents limits over $900,000. As a result, Citizens Property Insurance Corporation will continue to make coverage available to these […]
As 2014 comes to a close, several of the issues that commanded considerable attention during the year reached their resolution and set the framework for 2015 ahead. When we all return from the holidays, the legislative committee weeks will be upon us and the 2015 legislative session will begin before we know it. However, before […]
The Florida Department of Financial Services recently published a reminder relating to potential dealings with agents and other licensees whose licenses have been suspended or revoked. DFS points to a provision of the Florida Insurance Code providing that it is unlawful for a former licensee, during his or her period of suspension or revocation of a […]
The Florida Department of Financial Services recently highlighted the need for agents to updated their addresses in its Insurance Insights publication. In particular, DFS noted that many life and health agents work from home but lease the opportunity to use conference rooms for meeting with clients outside of their homes. In these cases, the agents […]
After the devastating series of storms in 2004 and 2005, Florida has enjoyed a run of essentially storm-free years. This has led to improved conditions in the private insurance market, and consequently to reductions in the policy count of Citizens Property Insurance Corporation. Citizens therefore expects that it in 2015 it will be able to […]
Beginning in 2015, the National Hurricane Center will be experimenting with a new weather advisory system that it intends will become fully operational by 2017. The new system will include publishing storm surge watches and warnings independently of those associated with wind damage. The advisories will include maps in which areas marked in red are […]
