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Insurance Commissioner Kevin McCarty mentioned the possibility of scrapping Florida’s no-fault auto insurance system during a speech at the Florida Chamber of Commerce’s recent insurance summit. Eliminating the no-fault system would require a legislative change and has been discussed by some lawmakers in recent years as they have struggled to implement lasting reforms that curtail […]
The Florida Office of Insurance Regulation released a report summarizing the results of its annual reinsurance data call and stress test. Under the stress test, residential property insurers are required to identify how their reinsurance programs would respond to several hurricane scenarios, including a single large event or multiple smaller events. According to the OIR’s […]
The Florida Hurricane Catastrophe Fund (FHCF) continues to project that it can fully meet its $17.0 billion in potential reimbursement obligations from one or more hurricanes arising in a single season. Recent projections suggest the FHCF could issue $7.6 billion in bonds over a 12-month period following an event. This exceeds the amount that would […]
The Office of Insurance Regulation held a second workshop on a series of proposed changes to rules governing insurance holding company systems, transactions with affiliates, and insurance company acquisitions. The requirements are set forth in administrative rules 69O-143.046, 69O-143.047, and 69O-143.056. Most of the provisions in these rules have been on the books for many […]
The Florida Office of Insurance Regulation (Office) has scheduled a public hearing in connection with its evaluation of the annual NCCI rate filing. The filing proposes an overall average rate decrease of 1.9% for the workers’ compensation line of insurance. NCCI is a licensed rating organization authorized to make rate filings on behalf of approximately 260 workers’ […]
An administrative law judge has ruled that a Florida Hurricane Catastrophe Fund (FHCF) data call request for insurers’ street address data by policy is invalid because the request exceeds the FHCF’s deleted legislative authority. Insurers submit data call responses to the FHCF each year containing details about the residential insurance policies they write. Historically, the […]
In its Insurance Insights newsletter, the Florida Department of Financial Services has summarized its access to licensees’ records as its compliance topic of the month. DFS notes that its right to conduct investigations and attain access to the accounts, records, documents, and transactions pertaining to or affecting the insurance affairs of any licensee is addressed […]
Insurance Commissioner Kevin McCarty has requested that the Federal Emergency Management Agency (FEMA) provide data relating to how the National Flood Insurance Program (NFIP) sets rates. McCarty has commented that even without seeing the data, it appears that the NFIP’s rates would not satisfy the Office of Insurance Regulation’s standard that rates not be unfairly […]
Insurance Consumer Advocate Sha’Ron James will host a forum on October 15, 2015, entitled “Finding a Balanced Approach to Unexpected Medical Expenses.” The forum will bring consumers, medical professionals, insurers and other interested parties together to discuss the balance billing issue. Ms. James recently told the Florida House of Representatives’ Banking & Insurance Subcommittee that […]
Insurance Consumer Advocate Sha’Ron James recently told the House of Representatives’ Banking & Insurance Subcommittee that the assignment of benefits issue is a priority for her office in the 2016 legislative session due to the adverse impact it is having on consumers. While she indicated that her office is still evaluating the issue and is […]
