Radey is an AV-rated firm consisting of lawyers who practice before state agencies and in all state and federal courts.
From time to time we receive questions about the various types of referral fees, inducements or other incentives that licensees encounter in the market. The Florida Department of Financial Services reportedly receives these types of inquiries as well as recently published its interpretation of distinctions between referral fees, marketing gifts, and inducements. DFS characterized these […]
As the Florida legislature enters the final few weeks of the 2017 regular session, several important insurance issues remain unresolved. One of the most prominent insurance issues in need of a legislative solution is the “assignment of benefits” issue. Insurance Commissioner David Altmaier, Citizens Property Insurance Corporation chief executive officer Barry Gilway, and a number […]
The Department of Financial Services recently issued a reminder relating to its view of charitable contributions made by licensees. This is a subject that arises from time to time, wherein licensees such as insurance agents want to show their support for charities. DFS certainly does not want to deter agents from being actively involved in […]
The Florida Office of Insurance Regulation has posted information pertaining to the assignment of benefits (AOB) issue on its website at: http://www.floir.com/Sections/PandC/AssignmentofBenefits.aspx The web page includes media coverage of the issue as well as the OIR’s projections of the rate impact on Floridians over the next five years if legislative reforms are not enacted. The […]
The Florida Senate is considering a proposal (SB 378) that would repeal the salary credit against the insurance premium tax, and instead cut the communications tax that applies to cell phone and cable TV bills. The idea is give consumers broad-based tax relief through small reductions in their cell phone and cable bills, while also […]
The Florida Office of Insurance Regulation has announced new deputy commissioners for property and casualty insurance and for life and health insurance. The OIR has named Susanne Murphy as the deputy commissioner for property and casualty insurance. Ms. Murphy has substantial experience in insurance regulation, as well as with Florida’s residual property insurance market Citizens […]
Citizens Property Insurance Corporation is changing the depopulation process for personal lines assumptions taking place on and after February 21, 2017. The changes are intended to increase policyholder choice and bring greater efficiency to the process for policyholders, agents, takeout companies and Citizens. The new process is based, in part, changes required by HB 931, which passed […]
We often receive questions from insurers or agents relating to the requirements for exporting risks to the surplus lines market. These are fact-specific determinations that depend on the nature of the risks and the markets available to the agents. The Florida Department of Financial Services likewise reports receiving questions in this area and recently summarized […]
Policymakers in Florida and Connecticut appear to be moving in different directions as they evaluate the impact of insurance premium taxes in their respective states. Florida law currently provides for a salary credit against the insurance premium tax, which serves to partially offset insurers’ premium tax obligations based upon the salaries they pay to Florida […]
Under the authority of two executive orders, Governor Rick Scott is allocating approximately $15.8 million in state funds for emergency beach restoration projects in response to the damage caused by Hurricane Matthew in St. Johns, Flagler, Volusia and Brevard Counties. Hurricane Matthew caused significant beach erosion in many coastal areas. The funding made available by Governor […]
