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The Florida Legislature increased regulatory oversight over the insurance industry in its insurer accountability bill (SB 7052) as summarized separately in this report. The law changes will require the Office of Insurance Regulation to adopt a series of administrative rules. In several cases, the rulemaking process should result in rule workshops this summer as the […]
Florida Hurricane Catastrophe Fund, Insurance Regulation News, Windstorm Loss Mitigation Discounts
The 2011 legislative gets underway with several property insurance bills on its agenda. Both the Senate and the House of Representatives have major property insurance bills on file that include numerous revisions to the property insurance laws, and in particular to laws governing residential property insurance. Perhaps the biggest issue of the 2011 session will […]
Florida Insurance Commissioner Kevin McCarty has been discussing the “cost drivers” affecting Florida’s property insurance market since last year’s legislative session. As the 2011 session draws near, Commissioner McCarty continues to identify the key factors affecting property and casualty insurers in Florida. McCarty top five issues include the following: 1. Attracting Capital– Commissioner McCarty points […]
The regulatory reform transition team assembled by Governor-elect Rick Scott has released a document summarizing some of the key elements that will guide the Governor’s administration in the coming months and years. The summary asserts that Florida’s regulatory system in general has lost touch with its strategic purpose and has a culture of imposing barriers rather […]
Rick Scott’s campaign for Governor has released a paper on insurance and tort reform issues. Candidate Scott vows to restore Citizens Property Insurance Corporation to its initially envisioned role as a market of last resort. He emphasizes the importance of allowing the private market to compete amongst themselves, with competition serving as the primary determinant […]
A Citizens Property Insurance Corporation committee recently discussed results of its reinspection program for wind mitigation features. The reinspection of 1500 personal residential risks has identified changes in data for 90% of the policies and changes in premiums for 75% of the policies. The categories of roof cover, roof deck attachment, roof to wall attachment […]
Senate Bill 2044 became the primary property insurance bill during the 2010 legislative session, particularly for issues relating to residential insurance. The bill reflected input from a variety of interested parties, including the Office of Insurance Regulation, the insurance industry, the trial bar, and public adjusters. Although a number of parties commented after the session […]
The 2010 legislative session begin with fairly widespread recognition that the residential property insurance market in Florida has been set back by several “cost drivers” warranting legislative attention. The Florida Cabinet held discussions about why insurers have been losing money in recent years even without hurricanes affecting the state. Insurance Commissioner Kevin McCarty identified for […]
The Florida Catastrophic Storm Risk Management Center has released a report discussing implementation of Florida’s mitigation discount program for residential property insurance. This report is the third in a series of recent studies identifying significant concerns with the way the current system of mitigation discounts has affected the residential property insurance market. The Florida Commission […]
