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. LACs are those that have surplus as regards [...]
Thousands of State Farm property insurance customers will be seeing nonrenewal notices in their mailboxes next week. To read more: http://hosted.ap.org/dynamic/stories/F/FL_STATE_FARM_FLOL-?SITE=FLPET&SECTION=HOME
Since the windstorm mitigation discounts were implemented for Florida homeowners, the residential property insurance market's financial performance has worsened, according to a state study group. To read more: http://www.property-casualty.com/News/2010/1/Pages/Report-Says-Fla-Mitigation-Discount-System-Hurts-Market.aspx
In a December 18, 2009 opinion on Citizens Property Insurance Corp. v. Garfinkel, the Fifth District Court of Appeal held that, not only was Citizens Property Insurance Corporation ("Citizens") immune from first-party bad faith claims, but that Florida's bad faith statute does not apply to Citizens.
The Florida Property Casualty Association ("FPCA") has been advised that State Representative Bryan Nelson is working on a 2010 bill that would combat Personal Injury Protection ("PIP") fraud through clinic regulation.
Florida CFO Alex Sink is urging Hillsborough County and surrounding county homeowners to check their homeowner insurance policy for sinkhole coverage in light of this week's sinkhole activity in the area. For more information, click here http://www.myfloridacfo.com/pressoffice/ViewMediaRelease.asp?ID=3402
Over 200 insurance agents, brokers and health professionals attended the "Florida Health Care Summit" on January 11, 2010, during which various panel discussions on the Florida impact of federal health care reform legislation carried the common theme of necessity for continued state control. Florida Insurance Commissioner Kevin McCarty was among the speakers at the event. [...]
The Florida Senate Committee on Banking and Insurance met today, January 12, 2010. The following is a brief review of the insurance-related matters that were discussed as part of the agenda. Dr. Shahid Hamid, who directs the Laboratory for Insurance, Economic and Financial Research at Florida International University's International Hurricane Research Center, provided an overview [...]
The Florida Department of Financial Services, Division of Agent and Agency Services will hold a Rule Development Workshop on January 28 to update regulations governing the license suspension and revocation of insurance adjusters, agents, customer and service representatives. The following Rules that govern insurance representative penalties would be amended: 69B-231.030: Definitions 69B-231.080: Penalties for Violation [...]
Texas has slipped to No. 2 in average homeowners' insurance premiums, a new national study has found. Click on the following link to read more: http://www.dallasnews.com/sharedcontent/dws/news/texassouthwest/stories/DN-insurance_30tex.ART.State.Edition1.4bde577.html