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The Florida Office of Insurance Regulation holds a public hearing today to discuss and receive input on Citizens Property Insurance Corporation’s proposed rate changs for its Coastal Account and Personal Lines Account (PLA). The proposed statewide average rate increase for homeowners’ policies, including sinkhole coverage, are 11.1 percent for the Coastal Account and 12 percent for the Personal Lines Account. Sinkhole prone […]
Speaking at this morning’s meeting of the Florida Cabinet, SBA Executive Director Ash Williams provided an update on the status of the Florida Hurricane Catastrophe Fund. Mr. Williams noted that the FHCF has $8.5 billion in cash on hand. Nonetheless, the FHCF seeks to move forward with pre-event bond financing because, as pointed out by […]
Citizens Property Insurance Corporation will take a look at the merits of writing builders risk insurance certain coastal areas. However, advisors recommend that if Citizens resumes writing business risk, it should do so only where the coverage is unavailable from the private market “at any price.” As a competing consideration, Citizens recognizes that if it is the only market for […]
The Office of Insurance Regulation has decided to move forward with repealing the so-called “penalty rule” (69O-142.011 “Insurer Conduct Penalty Guidelines”) despite uniform support among industry representatives for keeping the rule, with appropriate revisions. The existing rule categories many types of violations of the insurance code, informing the public and the insurance industry about the […]
The coming weeks will be important ones for Citizens Property Insurance Corporation as it receives public feedback and considers both its 2013 rate levels and ideas for reducing its size. This week the Office of Insurance Regulation will hold a public forum in Miami to allow interested parties to comment on Citizens’ recommended rates for […]
The Florida Office of Insurance Regulation will hold a public hearing September 20 to discuss and receive input on Citizens Property Insurance Corporation’s proposed rate changs for its Coastal Account and Personal Lines Account (PLA). These accounts include policies for personal residential insurance policies such as homeowners and mobile home owners’ policies. The proposed statewide average rate increase for homeowners’ policies, […]
The Board of Governors of Citizens Property Insurance Corporation has approved a surplus note proposal for further refinement and review. The board’s decision followed review and recommended approval by Citizens’ depopulation committee. The proposal calls for Citizens to loan up to $350 million to participating insurers in the form of surplus notes (subordinated debt). The […]
The Florida Office of Insurance Regulation has issued Informational Memorandum OIR-12-05M relating to the deductbiles to be applied under Isaac losses. Isaac was a tropical storm through the update on Tuesday, August 28, 2012, when it was declared to be a hurricane. The OIR advises that its declaration as a hurricane triggers the hurricane deductible under […]
The Florida Office of Insurance Regulation has issued an administrative order setting forth profit and contingency factors that insurers may use in their rate filings. Property lines of business generally have positive profit and contingency factors, such as homeowners at 4.1% and fire at 3.6%. Liability lines of business generally have negative P&C factors.
The Florida Hurricane Catastrophe Fund (FHCF) adopts its reimbursement contract by administrative rule each year. The FHCF is holding a public forum this morning to consider any needed updates to Rule 19-8.010 relating to next year’s version of the reimbursement contract.
