Florida Regulators to Hold Hearing on Comp Rate Decrease
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News & Updates
Florida Office of Insurance Regulation
OIR to Adopt Rule Implementing Closed Claim Reporting Requirement
The Florida Office of Insurance Regulation (OIR) recently indicated it anticipates initiating rulemaking by November 1 with respect to the new closed claim reporting requirement in SB 76 (Chapter Law 2021-77). Adopted in the 2021 legislative session, SB 76 added a new subsection (11) to Section 624.424 governing insurers’ submissions of annual statements. The new […]
Governor Vetoes PIP Repeal Bill
Governor Ron DeSantis ended weeks of speculation, persuasion and publicity campaigns when he vetoed SB 54, which would have repealed Florida’s Personal Injury Protection (PIP) law. SB would have replaced the no-fault PIP system with certain mandatory bodily injury (BI) coverage. The potential repeal of PIP has been an annual topic in the legislature for […]
Questions Remain After Property Bill Passes Late in Session
The 2021 Florida Legislature spent several months evaluating property insurance reform proposals. The committee hearing process included testimony from Insurance Commissioner David Altmaier, Citizens Property Insurance Corporation CEO Barry Gilway and many others. Despite these months of analysis, the primary property insurance reform bill (SB 76) was amended several times in the last week of […]
Florida Leads Nation in Homeowners Litigation by Staggering Margin
The Florida Office of Insurance Regulation (OIR) recently analyzed nationwide homeowners insurance claims and litigation data and reached a well-known but unfortunate conclusion– Florida leads the country in litigation by a staggering margin. OIR aggregated market conduct survey data related to lawsuits opened throughout the United States from 2016 through 2019 (the last year for […]
Altmaier to Become NAIC President
In their recent fall meeting, members of the National Association of Insurance Commissioners (NAIC) elected Florida Insurance Commissioner David Altmaier as the NAIC’s next president. Altmaier succeeds outgoing president Ray Farmer of South Carolina. Commissioner Altmaier has served as Florida’s Insurance Commissioner since 2016. Prior to being named Florida’s commissioner, Altmaier has held several positions […]
Florida Officials Say Insurers Not Doing Enough to Settle Hurricane Michael Claims
Citizens Property Insurance Corporation, Insurance Regulation News, property insurance, Florida Office of Insurance Regulation, Hurricane Michael claims
Property and Casualty Filings Move to IRFS
Office of Insurance Regulation, Travis Miller, Radey, Florida Office of Insurance Regulation, radeylaw, property and casualty, iFile, Insurance Regulation Filing System, IRFS
Supreme Court Changes Fuel Workers Compensation Discussion
The Florida workers’ compensation insurance market presents interesting regulatory and legislative dynamics. Two Florida Supreme Court cases threatened to unravel some of the legislative reforms that helped reduce workers’ comp rates in this state. This prompted concerns among some policymakers that the legislative must revisit workers’ compensation laws to head off future rate increases for […]
OIR Emergency Order Extends Deadlines in Panhandle
The Florida Office of Insurance Regulation has issued an Emergency Order applicable to Florida’s Panhandle and Big Bend regions. The order requires insurers to rescind recently issued cancellation and nonrenewal notices and to extend policyholders’ deadlines. It is similar to one issued last year following Hurricane Irma, although this year’s order covers a narrower area light of Hurricane […]