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The Florida Supreme Court has concluded that Citizens Property Insurance Corporation is not liable under section 624.155 for statutory first-party bad faith actions. The court in Citizens Property Insurance Corporation v. Perdido Sun Condominium Association, Case No. SC14-185, reasoned that the Florida legislature gave Citizens broad immunity from legal actions, with limited exceptions. Statutory bad […]
The Florida Office of Insurance Regulation has issued Informational Memorandum OIR-15-04M relating to “Use of Price Optimization in Premium Determination.” The memorandum concludes that insurers using so-called price optimization should submit filings to eliminate the use of those criteria, and going forward insurers should not use price optimization in their rate filings. The OIR notes […]
House Speaker Steve Crisafulli and Sentate President Andy Gardiner formally called the legislature into a special session to begin June 1. The special session might last until June 20, or such earlier time as the legislature may accomplish their constitutionally required objective of passing a budget. The special session became necessary when lawmakers could not […]
Florida once again has been ranked as the second-best state in the country in which to do business according to Chief Executive magazine. Florida ranks only behind Texas for 2015 in the magazine’s annual survey of corporate chief executive officers. The poll solicited feedback from 511 CEOs on issues such as taxation, regulation, quality of […]
After one of the strangest finishes to a regular session that we’ve seen, the Florida legislature will convene in a special session starting June 1 to deal with the budget and potentially other issues. The special session will begin June 1 and will conclude by June 20, with the possibility that it could end earlier […]
In an unusual move, the Florida House of Representatives adjourned this afternoon and effectively ended the 2015 legislative session. The Florida Senate remains in session, but at this point it can only pass legislation that has already passed the House. The House’s adjournment came after comments from Speaker Crisafulli indicating that the two chambers have […]
House Bill 165 has passed both chambers of the legislature and will be presented to Governor Scott. The bill addresses a variety of topics related mainly to property and casualty insurance. Among these provisions, the bill would simplify the notice requirement applicable to residential property and casualty insurance. The bill establishes a uniform 120-day period […]
The legislature’s 2015 regular session has reached its final week. However, due to continuing negotiations over the budget, the legislature is heading toward either an extension of the session or a separate special session. Either way, the legislature will spend additional time in Tallahassee. However, the decision whether to extend the session or convene in […]
Bills in the Senate and the House of Representatives relating to the assignment of benefits under insurance policies, or AOB as it has been called, have stalled in committees in the respective chambers. Senate bill 1064 was on the agenda for last week’s Senate Judiciary committee meeting, but the committee had a lot of bills […]
Insurance Commissioner Kevin McCarty appeared before the Governor and Cabinet last week to discuss potential standards under which the Office of Insurance Regulation can be objectively reviewed. The Governor and Cabinet have indicated that they want to hear from the agencies they oversee, including the Office of Insurance Regulation, regarding appropriate measurements for their agencies. […]
