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The Florida Office of Insurance Regulation (OIR) recently indicated it anticipates initiating rulemaking by November 1 with respect to the new closed claim reporting requirement in SB 76 (Chapter Law 2021-77). Adopted in the 2021 legislative session, SB 76 added a new subsection (11) to Section 624.424 governing insurers’ submissions of annual statements. The new […]
Citizens Property Insurance Corporation’s president Barry Gilway recently projected the organization’s policy count could reach between 1 million and 1.3 million policies in 2022. Its policy count has been increasing steadily since late last year as adverse market conditions have eroded capital and reduced insurers’ willingness to write policies in several areas of the state. […]
Observers of Florida’s personal auto market are well aware of the legislative debates in recent years over the future of Florida’s no-fault Personal Injury Protection (PIP) insurance laws. Proponents of PIP have pointed to it as a relatively fast, no-fault basis of ensure basic coverage amounts are in place for injuries arising from auto accidents. […]
The Federal Insurance Office (FIO) of the U.S. Department of the Treasury (Treasury) has issued a Request for Information (RFI) seeking public input on climate-related financial risks and their impact on the insurance industry. The RFI requests written comments from interested parties on or before November 15, 2021. As background, the FIO points out that […]
The “Made in America” tax plan is drawing considerable opposition from observers familiar with Florida’s property insurance market. Its provisions labeled Stopping Harmful Inversions and Ending Low-tax Developments (SHIELD) are intended to close loopholes allowing corporations to avoid taxes through multi-national business structures. The proposal would establish a global minimum tax of 15 to 21%. […]
Congratulations to Chris Lunny and Travis Miller for being recognized by their peers in this year’s list of Florida Trend’s Legal Elite™. Voting is open to all in-state members of the Florida Bar who are asked to name attorneys whom they hold in the highest regard or would recommend to others. Chris has been recognized in […]
Citizens Property Insurance Corporation has continued to grow at a troubling rate in recent weeks. Its policy count topped 660,000 policies at the end of July. This represents an increase of about 23,000 policies compared to its June total, meaning Citizens continues to add policies at a rate of more than 5,000 per week. Citizens […]
SB 76 adopted in the 2021 legislation drew a lukewarm reaction, even among some of the lawmakers who supported property insurance reform. One key advocate referred to the bill as accomplishing about 40% of what would be needed to improve Florida’s property insurance market. And that was before part of the law was declared unconstitutional. […]
Governor Ron DeSantis ended weeks of speculation, persuasion and publicity campaigns when he vetoed SB 54, which would have repealed Florida’s Personal Injury Protection (PIP) law. SB would have replaced the no-fault PIP system with certain mandatory bodily injury (BI) coverage. The potential repeal of PIP has been an annual topic in the legislature for […]
Governor Ron DeSantis signed SB 76 into law and it takes effect July 1, 2021. The new law reflects a series of compromises reached by the Florida legislature during the 2021 session. Despite the compromises, bill sponsors believe the reforms will have a favorable effect on Florida’s residential property insurance market. Other legislators have been […]
