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As the new year begins, the Florida Office of Insurance Regulation (OIR) recently took the opportunity to recap notable changes in 2023. The new year marks almost one full year in office for Commissioner Mike Yaworsky, who was nominated for the position in February 2023 and formally appointed in March. Commissioner Yaworsky recapped the year […]
Almost a year ago, the Florida legislature passed significant reforms aimed at mitigating concerns in Florida’s residential property insurance market. At the time, the market was characterized by numerous insurer insolvencies, reduced appetites among admitted market insurers, rising rates and increasing reinsurance costs. At the time, policymakers urged patience because it would take months and […]
The Florida legislature will convene this week in a brief special session addressing a limited number of topics. Among these, the legislature is expected to provide additional relief for areas affected by Hurricane Idalia and increase funding for the My Safe Florida Home program. Hurricane Idalia had a substantial impact on some of Florida’s rural […]
The Florida Hurricane Catastrophe Fund (FHCF) projects that it would be able to meet its maximum single-season reimbursement obligation of $17 billion if the need arises. However, hurricane losses in recent years have reduced the FHCF’s available cash, increasing its anticipated reliance on post-event bonding. For the 2023-24 FHCF contract year, the insurance industry retains […]
The Florida Office of Insurance Regulation (OIR) has taken the next step toward adopting administrative rules implementing recent legislation. The Financial Services Commission (FSC) recently authorized the OIR to formally publish drafts of the rules as proposed rules. The FSC consists of Florida’s Governor, Chief Financial Officer and Attorney General. These elected officials comprise a […]
The Florida Office of Insurance Regulation (OIR) has issued an emergency order in the wake of Hurricane Idalia. Emergency Order 315284-23-EO contains prohibitions on cancellation and nonrenewals similar to those following other hurricanes in recent years. The Emergency Order applies to the following counties: Alachua, Baker, Bradford, Citrus, Columbia, Dixie, Franklin, Gilchrist, Hamilton, Hernando, Hillsborough, […]
Even before Idalia reached tropical storm status, Governor Ron DeSantis issued Executive Order 23-171 declaring a state of emergency for 33 Florida counties. Counties subject to the declaration encompass a large portion of Florida’s Gulf coast, extending from Bay County (Panama City) to Sarasota County. The declaration of emergency activates certain portions of the state’s […]
The Florida Office of Insurance Regulation (OIR) has issued emergency rule 69O-ER-23-2 adopting forms to be used by residential property insurers certifying and submitting claims manuals. The Florida legislature specified in SB 7052 (now Chapter Law 2023-172) that residential property insurers must annually certify they maintain claims manuals meeting certain statutory standards. Insurers also must […]
Insurance Commissioner Mike Yaworsky has named two current regulators to deputy commissioner positions at the Florida Office of Insurance Regulation (OIR). Commissioner Yaworsky named Sheryl Parker as OIR’s first Deputy Commissioner of Market Regulation. He likewise appointed Virginia Christy as the new Deputy Commissioner of Property and Casualty. A recent press release from OIR indicates […]
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 […]
