Financial Services Commission Approves Commercial Property and Casualty JUA 8/16/06
Jan 14, 2007
Yesterday, the Financial Services Commission approved an emergency rule establishing the Commercial Property and Casualty Joint Underwriting Association (PCJUA) which is intended to make property insurance available to Florida businesses that are unable to otherwise obtain coverage. The PCJUA will be run by a 13-member board that will be appointed by the Chief Financial Officer. A representative from the Office of Insurance Regulation testified that the PCJUA plan was drafted to enable the PCJUA to operate as a reinsurance facility. The Commission voted unanimously to establish the emergency rule for a period of 90 days, during which the Office of Insurance Regulation will continue the rule-making process to implement the PCJUA. You may find a copy of the approved emergency rule at http://www.floir.com/.
Additionally, the Department of Financial Services announced the launch of the “My Safe Florida Home” mitigation project, which allocates up to $5,000 of state funds per household for certain home improvements designed to mitigate against wind damage. Homeowners can determine whether they are eligible for the program at the program website: http://www.mysafefloridahome.com/. The Department of Financial Services vowed to aggressively market this program to Florida insureds.
Finally, the Office of Financial Regulation stated its intent to work with banks and insurers to provide some flexibility to homeowners for payment of insurance premiums, although a specific plan was not articulated.
We will continue to monitor developments and will provide updates accordingly. Please feel free to contact this office with any questions or concerns.
Regards,
Fred E. Karlinsky