Category: Insurance Regulatory News
May 26, 2016
As Storm Season Approaches, Insurance Keeps Soaking Homeowners After 10 straight storm-free years, hurricane season is almost here. Even without storms, South Florida homeowners have taken a battering — as anyone who’s opened a renewal notice lately knows. Sun-Sentinel …
May 25, 2016
The comment period is open until May 31, 2016 for proposed amendments to Rule 69O-137.001, entitled “Annual and Quarterly Reporting Requirements,” and Rule 69O-138.001 “NAIC Financial Condition Examiners Handbook Adopted,” after which the Florida Office of Insurance Regulation (“OIR”) will schedule a …
May 25, 2016
The Alabama Department of Insurance recently published the information below on new laws enacted in the State of Alabama during its 2016 Regular Legislative Session, which adjourned Sine Die on May 4: Department of Insurance Bills Principle-Based Reserving …
May 25, 2016
Paper addresses market issues, innovations and regulatory concerns The National Association of Insurance Commissioners (“NAIC”) published a new study today, May 25, 2016, entitled The State of Long-Term Care Insurance: The Market, Challenges and Future Innovations. The report includes …
May 25, 2016
Florida’s State Board of Administration of Florida (“SBA”) advised today, May 25, 2016, on the estimated borrowing capacity, estimated claims-paying capacity, and projected balance of the Florida Hurricane Catastrophe Fund (“FHCF”) as of December 31, 2016, in compliance with the …
May 25, 2016
Citizens Property Insurance Board Approves $2.46B Risk Transfer Program for 2016 Hurricane Season Florida’s Citizens Property Insurance Corporation’s Board of Governors has approved a $2.46 Billion Risk Transfer Program as the state heads into the 2016 Hurricane Season, Insurance …
May 24, 2016
In Informational Bulletin OIR-16-03M issued today, May 24, 2015, Florida Insurance Commissioner David Altmaier addressed the use of unfiled side agreements in conjunction with workers’ compensation and employer’s liability insurance policies applicable to risks and exposures in Florida, explaining …
May 24, 2016
At its meeting this morning, May 24, 2016, Citizens Property Insurance Corporation’s (“Citizens”) Board of Governors approved a total 2016 risk transfer program of $2.464 billion for the state-run insurer, along with the purchase of the Florida Hurricane Catastrophe Fund (“FHCF”) …
May 24, 2016
Citizens Slashes Reinsurance Limit Florida Citizens Property Insurance plans to reduce its reinsurance cover in place for the 2016 hurricane season by more than a third from last year, sapping demand in the Sunshine State. Regulators, State Farm …
May 23, 2016
The Florida Office of Insurance Regulation (“OIR”) advised today, May 23, 2016, that it has filed a Notice of Appeal in a Second Judicial Circuit Court case involving State Farm Florida Insurance Company and the question of whether insurance …