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The rate levels of Citizens Property Insurance Corporation have received considerable attention in recent weeks. Citizens committees have considered the possibility that under current law it should be charging actuarially sound rates for new customers and its capped rates should apply only to existing customers. Although the statutory basis for this approach has been part […]
Citizens Property Insurance Corporation is hosting a forum on June 1, 2012, in Tampa to discuss proposals for depopulation. Accordingly to a recently published agenda, the meeting will concentrate on barriers to depopulation and potential solutions. This will include the adequacy (or lack thereof) of Citizens’ rates as well as issues pertaining to data quality. […]
The Florida Office of Insurance Regulation (OIR) has issued informational memorandum OIR-12-03M discussing the recent removal of the workers’ compensation excess profits reporting requirement. The legislature passed HB 941 this year eliminating the excess profits law’s application to workers’ compensation insurance. Governor Scott has now signed this bill into law. As a result, the OIR […]
The Florida Hurricane Catastrophe Fund (FHCF) Advisory Council has suggested that the fund will have a potential shortfall of $1.75 billion if it is required to attempt to reach its maximum payout within 12 months of an event. The Advisory Council encouraged FHCF Chief Operating Officer Jack Nicholson to seek pre-event financing this year to close this potential gap. Nicholson sought […]
Governor Rick Scott has signed HB 1101 into law, and it has become Chapter Law 2012-151. This is the insurance “train” bill that picked up a wide variety of insurance-related measures as it progressed through the 2012 regular legislative sesion. The new law is varied in its impact on the Florida Insurance Code. It contains […]
The board of governors of Citizens Property Insurance Corporation considered a proposal Thursday that would have resulted in its charging actuarially appropriate rates for new customers while maintaining the statutorily-imposed glide path for existing customers. The board ultimately decide to give further consideration to the issue before acting. A significant factor in the decision to […]
If requested by interested parties, the Florida Office of Insurance Regulation (OIR) will hold a workshop to discuss a proposed rule relating to life and health reinsurance collateral requirements. The Office of Insurance Regulation may allow ceding insurers to take credit for reinsurance with unauthorized reinsurers that do not fully collateralize their programs as long […]
The Florida Hurricane Catastrophe Fund (FHCF) has a rule hearing scheduled for 9:00 today relating to its reporting and insurer responsibility rules. Administrative rule 19-8.029 pertains to insurer reporting requirements, and rule 19-8.030 sets forth insurer responsibilities. The purpose of the rule hearing is to discuss the rules and receive public input pertaining to the […]
Governor Rick Scott has vetoed HB 5505, which would have created a program by which insurers could prepay premium taxes in exchange for future credits, with the proceeds being used to create liquidity for the Florida Hurricane Catastrophe Fund (FHCF). The Governor stated in his veto message that he would not approve the bill because […]
Governor Rick Scott was presented with several insurance-related bills on Friday, perhaps most notably including the bill reforming Florida’s Personal Injury Protection (PIP) laws. These bills passed during the recent legislative session. The Governor has 15 days from receipt of the bills to decide whether to sign them into law, allow them to become law […]
