Republican governor candidate Rick Scott says more private insurers would compete in Florida if the state adopts business-friendly standards such as making it tougher for homeowners to claim sinkhole damage and more difficult for plaintiffs to introduce "junk science" evidence in lawsuits. Read the entire story here
In advance of a September 22, 2010 Rule Development Workshop on the matter, the Florida Office of Insurance Regulation has released a draft copy of Form OIR-B1-1802, which is used to document inspections for hurricane premium discounts. Also known as the "Uniform Mitigation Verification Inspection Form," Form OIR-B1-1802 is being updated to reflect 2010 Florida [...]
In advance of a September 22, 2010 Rule Development Workshop on the matter, the Florida Office of Insurance Regulation has released a draft copy of Form OIR-B1-1802, which is used to document inspections for hurricane premium discounts. Also known as the "Uniform Mitigation Verification Inspection Form," Form OIR-B1-1802 is being updated to reflect 2010 Florida [...]
A frenzy of foreclosures and a bad economy ignited the fear of more arson here and around the country. In 2007, when the foreclosure crisis hit, insurers and fire safety officials warned it might lead desperate owners to torch their homes, hoping to collect an insurance check and to avoid the crippling emotional and financial [...]
As reported by National Underwriter, Gainesville, Fla.-based Royal Palm Insurance Company has received approval for an average statewide homeowners insurance rate increase of 15 percent. The insurer, which has written all of its business in the Sunshine State since 2006, had asked for an average hike of 21.7 percent. Read the entire story here
As reported by the Gainesville Sun: Mark Albritton was able to knock $245 off his homeowner's insurance bill last year after a home inspection showed he was eligible for a wind mitigation discount. So he was dismayed to get a renewal notice from State Farm recently for more than the original amount to insure his [...]
The Office of Insurance Regulation has endured many attacks regarding its solvency review for homeowners insurance companies and for measures taken by the office prior to a placing a company into receivership — most recently from Eli Lehrer of the Heartland Institute. Mr. Lehrer mentions he is concerned that “insurance rates are still sky high,” [...]
Florida Insurance Commissioner Kevin McCarty recently discussed Florida's biggest insurance issues, including rising rates, the national catastrophe fund, sinkholes and PIP Fraud. Read the entire story here
The Florida Cabinet met on August 10, 2010, during which it considered various insurance-related matters. Following is a brief summary of those items and the corresponding discussions that took place during the meeting. Florida Office of Insurance Regulation Florida Office of Insurance Regulation (“OIR”) Deputy Commissioner Belinda Miller presented the following items for consideration by the Cabinet members, who assumed their role as the Financial Services Commission (“FSC”) for this portion of the agenda: […]
The financial strength rating of State Farm Florida has been downgraded by A.M. Best Co. several days before the insurer begins non-renewing policies under a previous agreement with the state to keep it in Florida. Read the entire story here