SaintPetersBlog: Brandes’ flood insurance fix advances through appropriations committee
Today, SB 542 sponsored by Senator Jeff Brandes passed the Senate Committee on Appropriations with strong, unanimous support. Read the entire story here.
Tampa Bay Times: Citizens execs push for ‘kinder, gentler’ and smaller company
In less than two years, Citizens Property Insurance has dropped its policy count by a half-million, pushing the state-run insurer of last resort below 1 million policies for the first time since 2006. Read the entire story here
The Florida Current: Citizens sinkhole repair bill begins House trek
Already moving in the Senate, legislation requiring homeowners covered by Citizens Property Insurance Corp. to use contractors approved by the company to repair sinkhole damage got its first review in the House on Tuesday. Read the entire story here
Tampa Bay Times: Citizens Property Insurance falls below 1 million policies
Citizens Property Insurance has shrunk below 1 million policies for the first time since 2006, a milestone indicating that a major effort to push policies toward private insurers is working. Read the entire story here.
WTXL: “Operation Leaky Pipes” Nabs 12
CFO Jeff Atwater today announced that the ongoing insurance fraud investigation known as ‘Operation Leaky Pipes’ has led to the arrests of 12 Miami residents. The investigation uncovered a scheme between a licensed public adjuster and a plumber to coach homeowners on how to file fraudulent insurance claims for pre-existing or non-existent water damage. The [...]
Palm Beach Post: Citizens says clearinghouse works
As reported by the Palm Beach Post, “A new computer clearninghouse launched Monday to steer insurance customers out of state-run Citizens and into private insurers seems to be functioning properly, officials said, and agents reminded consumers it contains only four private carriers so shop around.” Read the entire story here
Florida Office of Insurance Regulation: Personal Injury Protection (PIP) Premiums Going Down For Most Florida Drivers
The Florida Office of Insurance Regulation (“OIR”) released a preliminary analysis of rates submitted by the top 20 automobile insurance companies writing Personal Injury Protection (“PIP”) insurance in Florida today, January 22, 2014. These companies’ business equates to more than 75 percent of the Florida market, according to OIR data. […]
U.S. Government Accountability Office Issues Statutory Report on Nonadmitted And Reinsurance Reform Act Of 2010
The U.S. Government Accountability Office ("GAO") published a statutory report (GAO-14-136) on the Nonadmitted and Reinsurance Reform Act of 2010 ("NRRA") today, January 16, 2014. To go directly to the complete 55-page report, entitled "Property and Casualty Insurance: Effects of the Nonadmitted and Reinsurance Reform Act of 2010," click here.
Florida Senate Insurance Committee Passes Flood Insurance Bill; Discusses Citizens Exposure Reduction
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. […]
Florida Office Of Insurance Regulation 2013 Fast Facts Report on Market Data Now Available
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 [...]