News & Updates

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OIR Conference Emphasizes Business Development

OIR Conference Emphasizes Business Development

The Florida Office of Insurance Regulation hosted its business development conference last week in Tallahassee.  The event marked the first time in four years that the OIR has hosted the conference.  Although styled as a filing conference in the past, the title of this year’s conference was expanded to include business development as the OIR […]

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Citizens Names New Chief Executive Officer

Citizens Names New Chief Executive Officer

Citizens Property Insurance Corporation has named Barry Gilway as its new chief executive officer.  Gilway will succeed Tom Grady, who has served as its interim president since the resignation of Scott Wallace earlier this year.  Gilway most recently has been president of Mattei Insurance Services based in Seattle, Washington.  His prior experience includes executive positions […]

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Premium Deficiency Reserve Presents Interesting Possibility

Premium Deficiency Reserve Presents Interesting Possibility

Citizens Property Insurance Corporation hosted a depopulation summit last week in Tampa.  The event has been widely discussed in the media and other forums.  These summaries typically provide a broad overview of the discussion, often concentrating on the public policy considerations that go along with decisions about the extent to which property insurance prices should […]

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Citizens Depopulation Summit Takes Place Today

Citizens Depopulation Summit Takes Place Today

Citizens Property Insurance Corporation is hosting a depopulation summit today in Tampa.  The session will begin with a discussion of the recent survey Citizens conducted to determine insurers’ thoughts on removing policies.  Topics to be discussed in this area include the ability of insurers to charge adequate rates, the availability and cost of reinsurance for […]

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OIR Provides Guidance on PIP Fee Schedule

OIR Provides Guidance on PIP Fee Schedule

The Florida Office of Insurance Regulation (OIR) issued Informational Memorandum OIR-12-02M earlier this month providing guidance to insurers and they implement new Personal Injury Protection reforms.  The Informational Memorandum coincided with Governor Scott’s signing HB 119 into law. The Informational Memorandum points out that one of the new provisions of the PIP reform requires insurers […]

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The Law Behind the Citizens Rate Debate

The Law Behind the Citizens Rate Debate

The rate levels of Citizens Property Insurance Corporation have received considerable attention in recent weeks.  Citizens committees have considered the possibility that under current law it should be charging actuarially sound rates for new customers and its capped rates should apply only to existing customers.  Although the statutory basis for this approach has been part […]

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Citizens Forum to Focus on Depopulation

Citizens Forum to Focus on Depopulation

Citizens Property Insurance Corporation is hosting a forum on June 1, 2012, in Tampa to discuss proposals for depopulation.  Accordingly to a recently published agenda, the meeting will concentrate on barriers to depopulation and potential solutions.  This will include the adequacy (or lack thereof) of Citizens’ rates as well as issues pertaining to data quality.  […]

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OIR Issues Excess Profits Memorandum

OIR Issues Excess Profits Memorandum

The Florida Office of Insurance Regulation (OIR) has issued informational memorandum OIR-12-03M discussing the recent removal of the workers’ compensation excess profits reporting requirement.  The legislature passed HB 941 this year eliminating the excess profits law’s application to workers’ compensation insurance.  Governor Scott has now signed this bill into law.  As a result, the OIR […]

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FHCF Projects Shortfall on 12-Month Basis

FHCF Projects Shortfall on 12-Month Basis

The Florida Hurricane Catastrophe Fund (FHCF) Advisory Council has suggested that the fund will have a potential shortfall of $1.75 billion if it is required to attempt to reach its maximum payout within 12 months of an event.  The Advisory Council encouraged FHCF Chief Operating Officer Jack Nicholson to seek pre-event financing this year to close this potential gap. Nicholson sought […]

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Insurance “Train” Bill Becomes Law

Insurance “Train” Bill Becomes Law

Governor Rick Scott has signed HB 1101 into law, and it has become Chapter Law 2012-151.  This is the insurance “train” bill that picked up a wide variety of insurance-related measures as it progressed through the 2012 regular legislative sesion. The new law is varied in its impact on the Florida Insurance Code.  It contains […]

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