Category: Insurance Regulatory News

Florida employers will save nearly $20 million in workers’ compensation premiums next year because of “sound financial management” of the state’s two compensation trust funds, Chief Financial Officer Jimmy Patronis said Wednesday. “Just last month, we announced that a 1.8 …

Lobbyists representing clients before the state-backed Citizens Property Insurance Corporation will soon have to disclose their efforts publicly. Citizens President and CEO Barry Gilway told Chief Financial Officer Jimmy Patronis at a Wednesday Cabinet meeting that a new lobbying disclosure …

Hurricane Irma-related lawsuits surged at Citizens Property Insurance Corp. early this year, representing a nearly 50 percent increase in the company’s litigation load compared to the same period in 2017.  More than 90 percent of those lawsuits originated in South …

The federal government, seeking to protect itself from the growing cost of natural disasters, is borrowing a technique from the private sector and buying reinsurance. The Federal Emergency Management Agency, which started purchasing reinsurance last year for the National Flood …

The assessment for the Workers’ Compensation Administration Trust Fund will drop, from 0.97% to 0.90%, for calendar year 2019, the seventh straight decrease, the Department of Financial Services announced in a bulletin. For insurance carriers, the assessment is based on net …

A restoration contractor company owner has been arrested over an alleged assignment of benefits (AOB) fraud scheme that impacted 19 homeowners in eight Florida counties and one Texas county, according to a statement from Florida Chief Financial Officer (CFO) Jimmy …

Although the insurance industry may have had plenty of time to wrap its mind around managing physical property threats, what about the newly growing area of non-physical threats? Panelists at the 2018 PLUS Cyber Symposium, held in May in Chicago, …

U.S. commercial insurance prices increased modestly in the first quarter, according to a Willis Towers Watson P.L.C. report released on Monday. The broker’s Commercial Lines Insurance Pricing Survey compared prices charged on policies written during the first quarter of 2018 …

With hurricane season under way, home buyers who plan to get flood insurance through the federal government might want to speed up their purchasing process. Unless Congress takes action, the National Flood Insurance Program will lapse at midnight on July …

Many insurers and reinsurers are facing some earnings volatility in 2018 due to a change in accounting requirements for equity securities, Fitch Ratings said in new market commentary. According to Fitch, companies with significant equity investments are particularly affected in …