Florida’s 2011-2012 Budget Includes Specific Florida Office of Insurance Regulation Reporting Requirements
May 4, 2011
In the Florida Office of Insurance Regulation (“OIR”) 2011-2012 budget, the Legislature has included specific OIR reporting requirements.
The budget bill, SB 2000, can be accessed by clicking here. The OIR information is on Page 302.
If enacted, the bill will require the OIR to report to the Legislature the following information relating to personal lines residential rate filings:
(1) Name of company filing
(2) Date of submission
(3) Overall rate change requested
(4) Name of OIR staff actuary responsible for review of the filing
(5) Number of days it took from submission to final disposition
(6) Whether the filing was approved in whole, approved in part, or rejected
(7) If approved, the overall rate that was approved
(8) If denied, the reason for denial
(9) If filing was withdrawn and resubmitted
The report must be submitted to the House and Senate Budget Committee Chairs by September 1, 2011, and must specifically detail and aggregate data relating to the volume and disposition of rate filings for personal lines residential property insurance filed during the 2010-2011 fiscal year (July 1 – June 30).
Should you have any questions or comments, please contact Colodny Fass.
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