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Almost a year ago, the Florida legislature passed significant reforms aimed at mitigating concerns in Florida’s residential property insurance market. At the time, the market was characterized by numerous insurer insolvencies, reduced appetites among admitted market insurers, rising rates and increasing reinsurance costs. At the time, policymakers urged patience because it would take months and […]
The Florida Office of Insurance Regulation (OIR) has issued an emergency order in the wake of Hurricane Idalia. Emergency Order 315284-23-EO contains prohibitions on cancellation and nonrenewals similar to those following other hurricanes in recent years. The Emergency Order applies to the following counties: Alachua, Baker, Bradford, Citrus, Columbia, Dixie, Franklin, Gilchrist, Hamilton, Hernando, Hillsborough, […]
The Florida Office of Insurance Regulation (OIR) has issued emergency rule 69O-ER-23-2 adopting forms to be used by residential property insurers certifying and submitting claims manuals. The Florida legislature specified in SB 7052 (now Chapter Law 2023-172) that residential property insurers must annually certify they maintain claims manuals meeting certain statutory standards. Insurers also must […]
SB 76 adopted in the 2021 legislation drew a lukewarm reaction, even among some of the lawmakers who supported property insurance reform. One key advocate referred to the bill as accomplishing about 40% of what would be needed to improve Florida’s property insurance market. And that was before part of the law was declared unconstitutional. […]
In the 2015 session, House Bill 165 became the vehicle that carried a variety of changes to the Florida Insurance Code. The bill passed both chambers of the legislature and now has been signed into law. Key provisions of the bill take effect July 1. Among its provisions, the new law: Eliminates the requirement for insurers […]
Chief Financial Officer Jeff Atwater recently called for an insurance company stress test designed to give consumers confidential that Florida’s residential property insurers are well-managed and will be able to deliver when Florida next experiences a hurricane. Atwater believes the results should be made public and should show the process the insurers, particularly smaller insurers, […]
