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Florida’s administrative rule providing guidelines for insurer penalties might go by the wayside under a proposal by the Office of Insurance Regulation. The agenda for today’s Cabinet meeting indicates that the OIR will seek authority to repeal the existing rule, 69O-142.011. The rule has been in effect since November 6, 1994. The repeal of this […]
Representative Bryan Nelson and Senator Garrett Richter have released a white paper entitled, “How Critical is Property Insurance in Florida?” drawing attention to Florida’s reliance on assessment (taxing) mechanisms to prop up the state’s insurance market. Nelson and Richter point out that Florida is making promises through three government-run entities that the state probably will […]
Policymakers, industry representatives and other interested parties continue to discuss the role of Citizens Property Insurance Corporation in the Florida market and opportunities that might exist to reduce its size. Various parties have proposed ideas for encouraging the admitted market to write more business or to take policies out of Citizens. Citizens officials recently convened […]
The Florida Office of Insurance Regulation continues to encourage insurers writing commercial property and casualty insurance to consider the forms certification process to help reduce the filing backlog. Over the last two years, the Florida legislature has reduced the rate filing requirements associated with certain types of commercial property and casualty insurance. Earlier this year […]
The Florida Office of Insurance Regulation’s property and casualty product review section discussed the most common filing mistakes at the OIR’s recent business development conference. The current backlog of property and casualty form filings is a concern of both the OIR and the industry, and the OIR hopes that identifying common filing mistakes can play […]
The Florida Office of Insurance Regulation hosted its business development conference last week in Tallahassee. The event marked the first time in four years that the OIR has hosted the conference. Although styled as a filing conference in the past, the title of this year’s conference was expanded to include business development as the OIR […]
Citizens Property Insurance Corporation has named Barry Gilway as its new chief executive officer. Gilway will succeed Tom Grady, who has served as its interim president since the resignation of Scott Wallace earlier this year. Gilway most recently has been president of Mattei Insurance Services based in Seattle, Washington. His prior experience includes executive positions […]
Citizens Property Insurance Corporation hosted a depopulation summit last week in Tampa. The event has been widely discussed in the media and other forums. These summaries typically provide a broad overview of the discussion, often concentrating on the public policy considerations that go along with decisions about the extent to which property insurance prices should […]
Citizens Property Insurance Corporation is hosting a depopulation summit today in Tampa. The session will begin with a discussion of the recent survey Citizens conducted to determine insurers’ thoughts on removing policies. Topics to be discussed in this area include the ability of insurers to charge adequate rates, the availability and cost of reinsurance for […]
The Florida Office of Insurance Regulation (OIR) issued Informational Memorandum OIR-12-02M earlier this month providing guidance to insurers and they implement new Personal Injury Protection reforms. The Informational Memorandum coincided with Governor Scott’s signing HB 119 into law. The Informational Memorandum points out that one of the new provisions of the PIP reform requires insurers […]
