Category: Insurance Regulatory News

  Insurance Controversy Targeted In Florida Forum It’s the topic off the season in the insurance world.  It pits insurance companies against contractors, attorneys and other third parties they blame for inflating non-storm claims such as plumbing leaks.  Caught in …

  The Alabama Department of Insurance issued the following Bulletins to property and casualty insurers today, June 9, 2016 and yesterday, June 8 (to go directly to each complete bulletin, click on the hyperlinks below):   Personal Property By-Peril Rating …

  The National Association of Insurance Commissioners (“NAIC”) announced today, June 10, 2016, that it has adopted a recommendation that will activate principle-based reserving (“PBR”) starting on January 1, 2017.  The recommendation from the NAIC’s PBR Implementation Task Force follows an extensive …

  THE NEWS SERVICE OF FLORIDA published the following interview with outgoing Florida Insurance Commissioner Kevin McCarty today, June 10, 2016: NEWS SERVICE OF FLORIDA HAS: FIVE QUESTIONS FOR KEVIN MCCARTYBy JIM TURNERTHE NEWS SERVICE OF FLORIDA THE CAPITAL, TALLAHASSEE, …

  Florida Supreme Court Rejects Another Part of Workers’ Compensation System For the second time in less than two months, the Florida Supreme Court on Thursday ruled that part of the state’s workers’ compensation insurance system is unconstitutional.  THE NEWS …

  Quashing the First District Court of Appeal ruling in the case of Westphal v. City of St. Petersburg Risk Management, the Florida Supreme Court has determined that certain portions of Florida’s workers’ compensation statute are unconstitutional. To view the decision …

  Florida Flags Insurer’s Proposed Assignment of Benefits Restrictions One of South Florida’s largest property insurance companies has been rebuffed by state insurance regulators for seeking Assignment of Benefits restrictions that were disapproved two years ago.  The Sun Sentinel’s Ron …

  Florida’s Citizens Property Insurance Corporation’s (“Citizens”) Consumer Services Committee meets tomorrow, June 9, 2016, to review various Citizens programs introduced earlier this year, including water loss mitigation efforts, consumer notifications about Citizens’ recent policy changes and self-service telephone payments, …

  Departing Insurance Commissioner Warns South Florida to Solve Insurance Claims Crisis Preparing to leave State Government after 27 years, former Florida Insurance Commissioner Kevin McCarty warned that South Florida faces further property insurance rate increases if a solution isn’t …

  The Florida Office of Insurance Regulation published its annual 2015 underwriting profit and contingency factors established for use in rate filings as Informational Memorandum OIR-16-04M today, June 7, 2016. The Memorandum was accompanied by a June 2 Order, which …