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The Florida Office of Insurance Regulation (Office) has unveiled a new resource for allowing interested persons to provide input on life and health insurance form and rate filings. “Hearing the opinions of Florida’s consumers about proposed changes to their insurance is considered a top priority of the Office. This feature presents a suitable forum for those opinions […]
The Office of Insurance Regulation has named Jack McDermott its new Director of Life & Health Product Review. He succeeds Suzetta Furlong, who is leaving OIR to take a position with the Division of State Group Insurance at the Department of Management Services. McDermott has held several roles at the OIR, most recently serving as […]
The 2012 election cycle is over, or at least heading that direction as a few races remain subject to possible recounts. This paves the way for the House and Senate to hold an organizational session to swear in members and transition leadership to new Senate President Don Gaetz and Speaker of the House Will Weatherford. […]
The Office of Insurance Regulation (OIR) has released Informational Memorandum OIR-12-06M to all insurers writing motor vehicle insurance in Florida. The memorandum inteprets a provision of HB 119 on PIP reform providing that the applicable fee schedule is the Medicare fee schedule in effect on March 1 of the year in which services are rendered […]
The Florida Office of Insurance Regulation has established the commercial rates for 2013 for Citizens Property Insurance Corporation. The OIR’s action follows recent orders relating to Citizens’ personal residential product lines. Under the OIR’s order on Citizens’ commercial rates, it approved a 9.9% average increase for condominium association policies, as compared to the 11% increased […]
Two insurers have been authorized to assume up to a combined 100,000 policies from Citizens Property Insurance Corporation in December 2012, on the heels of assumption requests for November totaling up to 210,000 policies. With almost 90,000 policies removed earlier this year, private market interest in Citizens assumptions is up dramatically this year compared to […]
The Board of Governors of Citizens Property Insurance Corporation has agreed to spend $200,000 for a review of its proposed surplus note program by Goldman Sachs. In addition, the board authorized up to $200,000 for another review by a firm with actuarial experience. The surplus note program would allocate up to $350 million of Citizens’ surplus to companies seeking to […]
The Florida Office of Insurance Regulation cited a recent Oregon Department of Consumer & Business Services (DCBS) study showing that Florida has jumped 11 spots (from 40th to 29th) among the most expensive state for workers’ compensation insurance. The study compared each state’s rates to the national median rate of $1.88 per $100 of payroll. Notably, however, Florida’s […]
The Florida Hurricane Catastrophe Fund (FHCF) Advisory Council convenes this afternoon by telephone conference to conduct its regular business and update the status of the FHCF. Perhaps of most interest to the insurance industry and interested parties, the Advisory Council will be reviewing and adopting an updating estimate of the FHCF’s bonding capacity.
The Office of Insurance Regulation has approved rates for Citizens’ homeowners and dwelling programs. The average rate increase is 10.8% for homeowners insurance and 8.8% for the dwelling program. Rate increases for sinkhole coverage are higher (by percentage), although less than Citizens’ indicated rates. The OIR approved the rates through an Order (attached). Citizens’ ratemaking […]
