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The legislature passed a bill (HB 941) that included a provision eliminating the excess profits calculation for workers’ compensation and employer’s liability insurance. The excess profits provision, currently located at section 627.215, Florida Statutes, requires insurers to report their premiums, losses and expenses in the affected lines of business by July 1 of each year. […]
After intense debate throughout the 2012 legislative session, the Florida House of Representatives and Senate reached a compromise on reforms for Florida’s Personal Injury Protection (PIP) auto insurance system. The bill and its reform proposals were the subject of considerable analysis and discussion prior to the session and throughout its two-month term. Insurance Commissioner Kevin […]
The legislature passed a bill in the recently concluded 2012 session changing the way Citizens will recover deficits through assessments. The bill was unique in that it enjoyed broad support from the Office of Insurance Regulation, the Insurance Consumer Advocate, Citizens Property Insurance Corporation and the insurance industry. Despite this support, the proposal was in […]
The 2012 legislative session is rapidly drawing to a close– at least the regular session, anyway. The session is scheduled to end tonight, and lawmakers will work at a frenzied pace to address bills that are bouncing back and forth between the chambers. No Florida session would be complete without a property and casualty insurance […]
The Florida House of Representatives has passed a bill (HB 4169) that would repeal Florida’s excess profits law for workers’ compensation insurance. The Senate should consider this favorable proposal, but unfortunately no companion bill exists. The excess profits law requires workers’ compensation insurers to refund their “excess” profits earned over a three-year period if they […]
Last night I read an article published by News Service of Florida, whose timely articles and analysis I always enjoy. I mostly pay attention to their articles on insurance-related issues, legislative events, Florida politics and similar issues relating to being a member of a capital-based law firm serving regulated industries. However, this article caught my […]
