Florida Office of Insurance Regulation Submits Five-Year Plan; 2017 Legislative Budget Request, Priorities

The Florida Office of Insurance Regulation (“OIR”) submitted its five-year Long Range Program Plan to Governor Rick Scott’s Office and the Appropriations Committees of both the Florida House and Senate this past Friday, September 30, 2016.

The OIR is not recommending any new products or services over the next five years, but will continue to focus on its mission, which includes:

• Attracting more companies and capital to the Florida insurance market. 
• Expeditiously licensing insurance companies and insurance-related entities. 
• Promptly reviewing forms and rates for insurers and insurance-related entities. 
• Thoroughly monitoring and analyzing the financial condition of insurers and requiring corrective action when appropriate. 
• Judiciously enforcing insurer and insurance-related entity compliance with statutory market conduct requirements. 
• Efficiently collecting and analyzing insurance market data for use by the OIR, policymakers, companies and the general public. 
• Actively participating in regulatory policy formulation and standard-setting affecting Florida markets, companies and policyholders.

To view the Plan, click here.

Days earlier, Florida Insurance Commissioner David Altmaier presented the Florida Cabinet with the OIR’s 2017-2018 Legislative Budget Request and legislative priorities, the latter which includes addressing the following issues:

• Third-Party Property Claims
• Modernizing Capital Standards for Health Plans 
• Continuing Care Retirement Communities
• Long-Term Care
• Eliminating redundant and/or obsolete statutory language
• Workers’ Compensation
• Personal Automobile Insurance 

To view his presentation, click here.

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