CFO Jeff Atwater today announced that the ongoing insurance fraud investigation known as ‘Operation Leaky Pipes’ has led to the arrests of 12 Miami residents. The investigation uncovered a scheme between a licensed public adjuster and a plumber to coach homeowners on how to file fraudulent insurance claims for pre-existing or non-existent water damage. The [...]
As reported by the Palm Beach Post, “A new computer clearninghouse launched Monday to steer insurance customers out of state-run Citizens and into private insurers seems to be functioning properly, officials said, and agents reminded consumers it contains only four private carriers so shop around.” Read the entire story here
The Florida Office of Insurance Regulation (“OIR”) released a preliminary analysis of rates submitted by the top 20 automobile insurance companies writing Personal Injury Protection (“PIP”) insurance in Florida today, January 22, 2014. These companies’ business equates to more than 75 percent of the Florida market, according to OIR data. […]
The U.S. Government Accountability Office ("GAO") published a statutory report (GAO-14-136) on the Nonadmitted and Reinsurance Reform Act of 2010 ("NRRA") today, January 16, 2014. To go directly to the complete 55-page report, entitled "Property and Casualty Insurance: Effects of the Nonadmitted and Reinsurance Reform Act of 2010," click here.
The Florida Senate Committee on Banking and Insurance (“Committee”) met January 8, 2014. After Committee Chair David Simmons called the meeting to order, Senator Jeff Brandes presented SB 542, relating to flood insurance. The bill would allow private market insurers to offer flood coverage, either as an endorsement or as a separate policy. Senator Brandes explained that his bill would offer an alternative to the National Flood Insurance Program, thus affording more choices to consumers. The Committee adopted an amendment to the bill that would provide more consumer protections. Senator Alan Hays questioned whether or not Citizens Property Insurance Corporation (“Citizens”) would be allowed to offer flood insurance policies, adding that he would like to prohibit Citizens from doing so. Senator Brandes agreed to strengthen the language in the bill to prohibit Citizens from offering flood insurance. […]
The Florida Office of Insurance Regulation ("OIR") released its 2013 Fast Facts Report ("Report") of statistical data about Florida's insurance market. Released on December 31, 2013, the Report provides a compilation of financial and regulatory information on OIR resources, insurance premium volume, enforcement actions and consumer recoveries, public hearings, and four "Top 20 lists" relating [...]