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The National Council on Compensation Insurance (NCCI) has delivered its annual workers compensation rate filing to the Office of Insurance Regulation (OIR). The filing provides for an overall workers compensation rate level increase of 6.1%. The proposed effective date is January 1, 2013. Even with the proposed increase, the filing still reflects a significant reduction in rate […]
Florida Insurance Commissioner Kevin McCarty commented earlier today on the 20th anniversary of Hurricane Andrew, an event that shaped the next two decades of property and casualty regulation and legislation as well as other areas like building code requirements and enforcement. The statement follows: “Today marks the anniversary of Hurricane Andrew, a tropical hurricane that […]
The Florida Office of Insurance Regulation (OIR) has released the final version of the actuarial report of Pinnacle Actuarial Resources relating to the anticipated savings under 2012’s Personal Injury Protection (PIP) reform law. The report estimates the indicates savings associated with HB 119 passed in this year’s legislative session. Most of the provisions of the […]
A hearing will take place today on the Office of Insurance Regulation’s proposed repeal of administrative rule 69O-142.011, sometimes called the “penalty rule.” The rule classifies many types of violations of the insurance codes into categories, ranging from the most severe to the relatively minor. The rule then sets forth ranges of potential penalties based on […]
The 2011 Florida Legislature established a new opportunity for insurers to inform policyholders of changes in their policies. Case law in Florida previously suggested that insurers seeking to continue coverage with material changes in terms should nonrenew existing policies and offer replacement policies with the new terms. This process could be confusing for policyholders, who […]
The Florida Office of Insurance Regulation and Insurance Commissioner Kevin McCarty continue to take a close look at lender-placed or force-placed insurance. In its most recent action, the OIR announced on Friday that it intends to disapprove a recent rate filing submitted by Praetorian Insurance Company (Praetorian). Praetorian submitted a rate filing proposing a modest statewide decrease […]
The Florida Hurricane Catastrophe Fund (FHCF) has announced a rule workshop for August 30, 2012, to discuss potential changes to Rule 19-8.010 relating to the reimbursement contract. Each year’s version of the reimbursement contract is adopted by the FHCF through formal rulemaking. The changes typically account for law changes as well as other clarifying or […]
One of the great benefits of Florida’s public records law is early and thorough access to information prepared for or on behalf of the government. At this same time, this access can lead to dissemination of information before it has been finalized or fully vetted. This is the case with the draft report titled “Impact Analysis of […]
Florida’s Insurance Consumer Advocate Robin Westcott raised concerns about Citizens Property Insurance Corporation’s mitigation reinspection program at its recent board and committee meetings. Ms. Westcott also issued a press release saying that the inspection process is confusing, has inequitable results, and serves as a threat to Florida’s already vulnerable economy. “The current inspection process is working against the very […]
The Florida Office of Insurance Regulation recently summarized the status of implementation of federal health care reform at a meeting of the Florida Health Insurance Advisory Board. Michelle Robleto, the OIR’s Deputy Commissioner overseeing life and health insurance, provided the update. The OIR’s summary began with a recap of the new law, including the reforms […]
