The Florida Cabinet met today, March 9, 2010, during which it considered Proposed Rule 69O-170.0155 for final adoption by the Florida Office of Insurance Regulation ("OIR"). OIR Deputy Insurance Commissioner Belinda Miller presented the OIR agenda, which was approved with minimal discussion. The approved amendments to Rule 69O-170.0155 will serve to modify two forms, OIR-B1-1802 [...]

In a press conference today, March 5, 2010, that was designed to draw attention to the prevalence of Personal Injury Protection ("PIP") fraud in Florida, Florida Chief Financial Officer Alex Sink joined the Tampa Police Department and Allstate Insurance Company to report on increased efforts to combat PIP-related scams. According to CFO Sink's Division of [...]

SB 1460, which provides a remedy for the FHCF Contract Year, was passed unanimously (38-0) by the Florida Senate today, March 3, 2010.  The House of Representatives is expected to consider HB 1460 sometime next week (March 8-12). The House version of the bill, HB 949, passed its final committee of reference yesterday. Both bills [...]

BLOOMINGTON, Ill., Feb. 26 /PRNewswire/ -- Combined net worth for the State Farm group increased in 2009 by $4.8 billion to end the year at $58.1 billion. The primary reason for the improvement was a $3.8 billion increase in the value of the property-casualty (P-C) companies' unaffiliated stock portfolio (net of deferred tax). The increase [...]

REMINDER:  Insurers seeking limited apportionment company (“LAC”) status for 2010 must petition the Florida Office of Insurance Regulation (“OIR”) within the first 90 days of 2010.  Applications received after this deadline will not be considered. Companies that had LAC status in 2009 must renew it this year. […]

The first stage of Citizens Property Insurance Corp.'s home reinspection program has uncovered errors that could yield about $350,000 in additional premium revenue for the state-owned insurer. To view the full story click here: http://www.tampabay.com/news/business/article1074207.ece

A 2001 amendment to Florida's no-fault law that requires insureds to notify their insurer that they intend to sue cannot be applied retroactively to policies issued before the amendment was enacted. To view the full story click here: http://www.insurancejournal.com/news/southeast/2010/02/11/107308.htm

Former Insurance Commissioner Bill Gunter's article makes the case that Floridians are suffering because of what Gunter calls 'political rate suppression.' He supports legislation that would allow insurance companies to charge an excessive rate that will 'bolster the voluntary marketplace, creating competition and ultimately driving the cost of insurance premiums down.' To view the full [...]

In a memo signed Tuesday, House Speaker Larry Cretul set guidelines to limit the number of claims bills this session given the state's budget crunch. To view the full story click here: http://blogs.tampabay.com/buzz/2010/02/with-no-money-house-speaker-limits-claims-bills-this-session.html