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After months of committee meetings and discussions, the Florida legislature reached compromises on changes to Citizens Property Insurance Corporation in SB 1770. The bill now heads to Governor Scott’s desk for review. The months leading up to the 2013 legislative session included discussion of far-reaching proposals that would aggressively restore Citizens to its role as […]
SB 1832 relating to repealing the insurance industry’s salary tax credit against the premium tax came up today in the Senate and passed 39-0. The bill’s sponsor, Senator Negron, discussed the rationale for the amendment, which essentially is to return the money to the citizens of Florida in the form of lower vehicle registration fees and not […]
Discussions about the proper size of the Florida Hurricane Catastrophe Fund have been intense throughout the 2013 legislative session. The FHCF proposed last year that it should be reduced in size to better ensure it can meet its reimbursement obligations to insurers. However, last year’s proposal called for changes that were too significant and would […]
The so-called omnibus bill (HB 635) has passed the House of Representatives by a 100-17 margin and has been referred to the Florida Senate. The bill addresses a wide range of insurance matters, consisting primarily of issues that generally are thought not to be controversial. The range of issues covered by the bill includes: Extending […]
Leading into the 2013 legislative session, the most prevalent question relating to Personal Injury Protection (PIP) coverage was whether insurers’ rate filings were meeting the levels of savings lawmakers anticipated. However, that changed when Circuit Judge Terry Lewis found that last year’s PIP reforms improperly limit the remedies available to injured persons. Although the state […]
The size of the Florida Hurricane Catastrophe Fund in future years continues to be a widely discussed issue in the current legislative session. We have now reached the halfway point but it is still unclear how this issue will play out. Jack Nicholson of the FHCF advocated a reduction in the FHCF’s size last year […]
Job creation has been at the forefront of Florida politics over the last few years. Governor Rick Scott campaigned on a primary goal of pursuing jobs and creating new employment opportunities for Floridians at a time when the economy was languishing. Recent unemployment numbers show these results have been successful– the jobless rate has been […]
Over the last two days I’ve covered Florida’s existing holding company regulations and proposed changes in the 2013 legislature. Before wrapping up, this blog mentions other related changes that are part of the pending bills or are contained in companion bills. Additional Proposed Law Changes The bills would add a new section 628.805, Florida Statutes, […]
In yesterday’s blog, I mentioned pending legislative proposal to modernize Florida’s holding company regulations. I looked at the existing holding company requirements. Today we’ll consider the statutory revisions contained in this year’s legislative proposals. Proposed Statutory Revisions The existing statutes and rules are less comprehensive than model requirements adopted by the NAIC that are beginning […]
One of the Florida Office of Insurance Regulation’s (“FLOIR”) priorities for the 2013 legislative session is to have the legislature adopt the National Association of Insurance Commissioners’ holding company model act. Florida’s holding company registration requirements have remained largely unchanged for many years and no longer are consistent with requirements being adopted in other jurisdictions […]
