In the August 19, 2011 edition of the Florida Department of Financial Services' weekly eNewsletter, "Dollars & Sense," Florida Chief Financial Officer Jeff Atwater published a letter to Floridians in which he expresses his commitment to fighting automobile insurance fraud in the State.
The News Service of Florida is reporting that Governor Rick Scott has asked Florida Insurance Commissioner Kevin McCarty to work on legislation that would combat personal injury protection fraud in Florida. The subject was discussed at a regular meeting of the Florida Cabinet held today, August 16, 2011.
As reported by Florida Underwriter magazine, insurance groups, legislators and others around the state continue to debate proposed rate increases for sinkhole coverage. Read the entire story here
Pursuant to the enactment of CS/CS/CS/SB 408, the Florida Office of Insurance Regulation ("OIR") issued a July 1, 2011 Informational Memorandum (OIR-11-O5M) advising all residential property insurers in the State of Florida of changes to the minimum surplus requirements. Specifically, the OIR Memorandum notifies insurers of the legislative amendment to Section 624.407, Florida Statutes, regarding [...]
Florida Chief Financial Officer Jeff Atwater, House Insurance and Banking Subcommittee Chairman Bryan Nelson, State Representative Geraldine Thompson and Senator Gary Siplin joined the Florida Office of Insurance Regulation (“OIR”), the National Insurance Crime Bureau and Central Florida law enforcement officials in hosting a summit on auto insurance fraud at the Rotary Club of West Orlando this morning, June 29, 2011. […]
Intended to encourage residential property mitigation and stronger building codes, respectively, two bills were filed in the U.S. House of Representatives during June 2011. Below is a summary of each: H.R. 2099 - The Natural Disaster Mitigation Act of 2011 On June 2, 2011, United States Representatives Tom Rooney (R-Fla.), Bennie Thompson (D-Miss.), Allan West [...]
The Florida Office of Insurance Regulation ("OIR") announced that the State has joined the Nonadmitted Insurance Multi-State Agreement ("NIMA"). NIMA will allow participating states to consolidate the collection, allocation and reporting of premium taxes for multi-state surplus lines insurance transactions pursuant to the Nonadmitted and Reinsurance Reform Act, part of the Dodd-Frank Wall Street Reform [...]
According to a recent South Florida Times article, Florida's property insurance companies say they are still losing money despite collecting billions in premiums. "That has industry leaders, Gov. Rick Scott and Republican lawmakers hoping that a recently signed bill will make them profitable and spur competition. Proponents say that would drive down rates in the long-run [...]
The Office of Florida Governor Rick Scott issued the news release below today, May 17, 2011, after the Governor signed CS/CS/CS/SB 408, a comprehensive bill relating to residential property insurance. The bill is also known as the "Cost Driver Bill." Governor Scott Signs Bill to Strengthen Florida's Insurance Market TALLAHASSEE - In keeping with his [...]
The Florida Hurricane Catastrophe Fund ("FHCF") has released its Fiscal Year 2009-2010 Annual Report, which can be viewed by clicking here. The Annual Report includes operational and legislative highlights, as well as statistical information and financial statements relating to the FHCF.