News & Updates

residual market

Office of Insurance Regulation Report Finds Workers’ Compensation Market Competitive

Office of Insurance Regulation Report Finds Workers’ Compensation Market Competitive

The Office of Insurance Regulation has released its 2014 annual report on the state of the Florida workers’ compensation insurance market.  The report concludes that the market currently is competitive, well-capitalized, and robust.  The report points out that six of the 10 largest workers’ compensation insurers in Florida are Florida-domiciled, up from four in the […]

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Citizens to Further Review Incentive Plan While Legislators Weigh In

Citizens to Further Review Incentive Plan While Legislators Weigh In

It was another interesting week in Citizens Property Insurance Corporation’s development of a proposed depopulation incentive program.  Citizens has been working on a plan that would allow certain insurers to qualify for up to $350 million in surplus notes in exchange for agreeing to remove policies for a 10-year period.  In the meantime, other insurers […]

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Citizens Rate Discussion Resumes

Citizens Rate Discussion Resumes

Rate levels for Citizens Property Insurance Corporation once again will be in the spotlight this week.  The board of governors will hold a workshop to discuss Citizens’ rate levels for the upcoming year.  Under Florida law, Citizens submits recommended rates to the Florida Office of Insurance Regulation, which then is responsible for approving Citizens’ final […]

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The Composition of Citizens and Its Effect on Depopulation

The Composition of Citizens and Its Effect on Depopulation

Policymakers, industry representatives and other interested parties continue to discuss the role of Citizens Property Insurance Corporation in the Florida market and opportunities that might exist to reduce its size.  Various parties have proposed ideas for encouraging the admitted market to write more business or to take policies out of Citizens.  Citizens officials recently convened […]

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FHCF Right Sizing Proposal Up for Hearing

FHCF Right Sizing Proposal Up for Hearing

The so-called “right-sizing” proposal of the Florida Hurricane Catastrophe Fund (FHCF) is on the agenda of the Senate Budget Subcommittee on General Government Appropriations today.  This proposal would increase the FHCF’s retention over time, and reduce the amount of coverage it makes available to residential property insurers. I have written about this proposal, known in […]

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Citizens Survey Reflects Market Concerns

Citizens Survey Reflects Market Concerns

Citizens Property Insurance Corporation recently sent a survey to companies authorized to write property insurance in Florida seeking their input regarding impediments to depopulation.  Citizens’ policy count has increased dramatically in recent months, and interest in so-called take-out has been limited.  The reconstituted depopulation committee of Citizens met last week to consider the results.  The […]

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Legislative Session Kicks Off With a Full Property Insurance Agenda

Legislative Session Kicks Off With a Full Property Insurance Agenda

The 2011 legislative gets underway with several property insurance bills on its agenda.   Both the Senate and the House of Representatives have major property insurance bills on file that include numerous revisions to the property insurance laws, and in particular to laws governing residential property insurance. Perhaps the biggest issue of the 2011 session will […]

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