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The Florida Office of Insurance Regulation has established the commercial rates for 2013 for Citizens Property Insurance Corporation. The OIR’s action follows recent orders relating to Citizens’ personal residential product lines. Under the OIR’s order on Citizens’ commercial rates, it approved a 9.9% average increase for condominium association policies, as compared to the 11% increased […]
Two insurers have been authorized to assume up to a combined 100,000 policies from Citizens Property Insurance Corporation in December 2012, on the heels of assumption requests for November totaling up to 210,000 policies. With almost 90,000 policies removed earlier this year, private market interest in Citizens assumptions is up dramatically this year compared to […]
The Board of Governors of Citizens Property Insurance Corporation has agreed to spend $200,000 for a review of its proposed surplus note program by Goldman Sachs. In addition, the board authorized up to $200,000 for another review by a firm with actuarial experience. The surplus note program would allocate up to $350 million of Citizens’ surplus to companies seeking to […]
The Florida Office of Insurance Regulation cited a recent Oregon Department of Consumer & Business Services (DCBS) study showing that Florida has jumped 11 spots (from 40th to 29th) among the most expensive state for workers’ compensation insurance. The study compared each state’s rates to the national median rate of $1.88 per $100 of payroll. Notably, however, Florida’s […]
The Florida Hurricane Catastrophe Fund (FHCF) Advisory Council convenes this afternoon by telephone conference to conduct its regular business and update the status of the FHCF. Perhaps of most interest to the insurance industry and interested parties, the Advisory Council will be reviewing and adopting an updating estimate of the FHCF’s bonding capacity.
The Office of Insurance Regulation has approved rates for Citizens’ homeowners and dwelling programs. The average rate increase is 10.8% for homeowners insurance and 8.8% for the dwelling program. Rate increases for sinkhole coverage are higher (by percentage), although less than Citizens’ indicated rates. The OIR approved the rates through an Order (attached). Citizens’ ratemaking […]
Insurance Consumer Advocate Robin Westcott sent a letter to Citizens Property Insurance Corporation seeking additional information about several aspects of Citizens’ proposed surplus note program. Her letter encourages Citizens to fully analyze the proposal to ensure that a cost-benefit analysis justifies the commitment of up to $350 million in surplus notes. The letter asks how Citizens […]
Today marks the date auto insurers must submit their rate filings reflecting savings associated with reforms to Florida’s Personal Injury Protection (PIP) laws. The legislature enacted a series of changes to Florida’s PIP laws based upon concerns that fraudulent and inflated claims were leading to unsustainable rate increases for the coverage. The legislation also tasked […]
The Florida Office of Insurance Regulation has approved an additional 60,000 policies to be removed from Citizens Property Insurance Corporation in November 2012. This is in addition to 150,000 policies previously approved for November assumption, and adds to the 84,339 policies already assumed during this calendar year. “One of the Office’s goals continues to be to support a […]
The Florida Office of Insurance Regulation held a public hearing today in Miami to seek additional information about Citizens Property Insurance Corporation’s recommended rate filings and to allow interested parties to comment. Florida law specifies that Citizens will submit actuarially sound rates, provided that no policyholders’ rates will go up by more than 10% (with […]
