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The Board of Governors of Citizens Property Insurance Corporation has approved a surplus note proposal for further refinement and review. The board’s decision followed review and recommended approval by Citizens’ depopulation committee. The proposal calls for Citizens to loan up to $350 million to participating insurers in the form of surplus notes (subordinated debt). The […]
The Florida Office of Insurance Regulation has issued Informational Memorandum OIR-12-05M relating to the deductbiles to be applied under Isaac losses. Isaac was a tropical storm through the update on Tuesday, August 28, 2012, when it was declared to be a hurricane. The OIR advises that its declaration as a hurricane triggers the hurricane deductible under […]
The Florida Office of Insurance Regulation has issued an administrative order setting forth profit and contingency factors that insurers may use in their rate filings. Property lines of business generally have positive profit and contingency factors, such as homeowners at 4.1% and fire at 3.6%. Liability lines of business generally have negative P&C factors.
The Florida Hurricane Catastrophe Fund (FHCF) adopts its reimbursement contract by administrative rule each year. The FHCF is holding a public forum this morning to consider any needed updates to Rule 19-8.010 relating to next year’s version of the reimbursement contract.
The National Council on Compensation Insurance (NCCI) has delivered its annual workers compensation rate filing to the Office of Insurance Regulation (OIR). The filing provides for an overall workers compensation rate level increase of 6.1%. The proposed effective date is January 1, 2013. Even with the proposed increase, the filing still reflects a significant reduction in rate […]
Florida Insurance Commissioner Kevin McCarty commented earlier today on the 20th anniversary of Hurricane Andrew, an event that shaped the next two decades of property and casualty regulation and legislation as well as other areas like building code requirements and enforcement. The statement follows: “Today marks the anniversary of Hurricane Andrew, a tropical hurricane that […]
The Florida Office of Insurance Regulation (OIR) has released the final version of the actuarial report of Pinnacle Actuarial Resources relating to the anticipated savings under 2012’s Personal Injury Protection (PIP) reform law. The report estimates the indicates savings associated with HB 119 passed in this year’s legislative session. Most of the provisions of the […]
A hearing will take place today on the Office of Insurance Regulation’s proposed repeal of administrative rule 69O-142.011, sometimes called the “penalty rule.” The rule classifies many types of violations of the insurance codes into categories, ranging from the most severe to the relatively minor. The rule then sets forth ranges of potential penalties based on […]
The 2011 Florida Legislature established a new opportunity for insurers to inform policyholders of changes in their policies. Case law in Florida previously suggested that insurers seeking to continue coverage with material changes in terms should nonrenew existing policies and offer replacement policies with the new terms. This process could be confusing for policyholders, who […]
The Florida Office of Insurance Regulation and Insurance Commissioner Kevin McCarty continue to take a close look at lender-placed or force-placed insurance. In its most recent action, the OIR announced on Friday that it intends to disapprove a recent rate filing submitted by Praetorian Insurance Company (Praetorian). Praetorian submitted a rate filing proposing a modest statewide decrease […]
