Florida Office of Insurance Regulation Reviews Market Status With Senate Banking and Insurance Committee Today
Jan 6, 2015
Florida’s Senate Committee on Banking and Insurance Committee (“Committee”) met today, January 6, 2015, during which Florida Office of Insurance Regulation (“OIR”) Deputy Chief of Staff Monte Stevens presented on the status of Florida’s insurance market.
He began his remarks with the topic of Florida’s property insurance market, which he described as “healthy,” noting that State-run Citizens Property Insurance Corporation now has fewer than 700,000 policies. The private sector has made significant investments in the property insurance market since the passage of SB 408 in 2011, he said, adding that the OIR has licensed approximately six new domestic insurers in 2012, representing $194 million in new capital.
Mr. Stevens then briefly referenced Florida’s auto insurance market, noting that the OIR had recently published a statutory report on a 2012 Personal Injury Protection insurance data call, that found related costs are down since the implementation of HB 119 in 2013.
Regarding workers’ compensation insurance, Mr. Stevens said the OIR is monitoring related litigation pending before the Florida Supreme Court, and will be ready to respond if needed. Another report recently released by the OIR indicated that Florida’s workers’ compensation insurance market is also moving in a positive direction.
He described the health insurance market in Florida as “diverse and healthy.”
A trial lawyers’ representative addressed the Committee on automobile insurance-related court cases currently on appeal in district courts. The speaker said that Florida is one of the few states that does not mandate Bodily Injury insurance and pointed out that the coverage provided by Personal Injury Protection insurance has been reduced since the advent of HB 119.
To access the materials, audio and video of today’s meeting, click here.
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