Florida Senate Insurance Committee Passes Flood Insurance Bill; Discusses Citizens Exposure Reduction

January 8th, 2014|Daily News|

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. […]

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Florida Office Of Insurance Regulation 2013 Fast Facts Report on Market Data Now Available

January 2nd, 2014|Daily News|

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 [...]

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Litigation Over Florida Personal Injury Reform Constitutionality Appealed to State Supreme Court

December 24th, 2013|Daily News|

Litigation challenging the constitutionality of Florida's 2012 Personal Injury Protection ("PIP") reform law has been appealed to the Florida Supreme Court after the First District Court of Appeal denied the Plaintiffs' motion for a rehearing en banc.

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The Florida Current: State looks to private market as Congress adjourns without flood fix

December 13th, 2013|Daily News|

Florida lawmakers want private property insurance companies to come to the rescue of coastal homeowners who will be hit with skyrocketing flood insurance rates at the end of the month. Read the entire story here

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Florida Insurance Commissioner Kevin Mccarty Appoints Chief Of Staff, Deputy Chief

December 11th, 2013|Daily News|

Florida Insurance Commissioner Kevin McCarty announced today, December 11, 2013, that Rebecca Matthews has been appointed Florida Office of Insurance Regulation ("OIR") Chief of Staff after having served in the role in an interim capacity since October 25. Monte Stevens, who formerly served the OIR as Director of Government Affairs, has been named Deputy Chief [...]

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WTSP News 10: Bad tile job leads to sinkhole scare on Sligh Avenue

November 26th, 2013|Daily News|

A buckling floor and awful noise led a family to rush from their home Monday night, but inspectors say a bad tile job is to blame. Read the entire story here

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State Representative John Wood: Florida Property Insurance Reform is Needed

July 29th, 2013|Daily News|

Property-insurance reform is necessary because Florida relies on the trinity of insurance market "stabilizers" known as the Citizens Property Insurance Corp., Florida Hurricane Catastrophe Fund and Florida Guaranty Insurance Association, State Representative John Wood writes in this Lakeland Ledger editorial opinion. Read the entire story here

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Florida Insurance Consumer Advocate Homeowners’ Policy and Claims Bill of Rights Working Group Holds Final Session

July 18th, 2013|Daily News|

The Florida Insurance Consumer Advocate's Homeowners' Policy and Claims Bill of Rights Working Group ("Working Group") meets for the second of two consecutive days in Tallahassee today, July 18, 2013, at 9:00 a.m. (ET). To view today's agenda, click here. Led by Florida Insurance Consumer Advocate Robin Smith Westcott, the Working Group's morning session includes the [...]

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NAIC Financial Condition Committee Contemplates Captive Transactions Review Board

July 17th, 2013|Daily News|

During a July 17, 2013 meeting of the National Association of Insurance Commissioners' ("NAIC") Financial Condition Committee, regulators reviewed the draft "White Paper on Captives and Special Purpose Vehicles" and contemplated the creation of a captive transactions review board in the wake of solvency concerns about the use of captives by life insurers. Proposed additional charges [...]

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Additional Changes to Proposed Home Inspector Rule Would Delete Hurricane Mitigation Continuing Education Requirements

April 29th, 2013|Daily News|

Additional changes have been proposed to continuing education requirements for Florida home inspectors, among other revisions to 61-30, F.A.C., a new rule chapter intended to implement regulations addressing the licensing and regulation of home inspectors in Florida under Section 468.83, F.S. Rulemaking on the statute was initiated by the Florida Department of Business and Professional Regulation in 2010 and resumed in January 2013, followed by a public hearing in March. […]

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* Please note: these figures are in terms of the 57 Florida homeowners insurance writers currently reviewed and rated by Demotech, as of June 30, 2015.