Judge Rules In Favor Of OIR

The following press release was just issued by the Florida Office of Insurance Regulation (“OIR”):

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-NEWS FROM THE FLORIDA OFFICE OF INSURANCE REGULATION-

For Immediate Release:  

  
Contact:  Ed Domansky or Tom Zutell                      
850/ 413-2515    

                     
FLORIDA CIRCUIT COURT JUDGE RULES IN FAVOR OF OFFICE OF INSURANCE REGULATION ON CHALLENGE TO SUBPOENAS

TALLAHASSEE, Fla. (10/11/2007) – The Florida Office of Insurance Regulation (Office) today announced that a Leon County Circuit Court Judge has dismissed petitions filed by the Cincinnati Insurance Co. and the Cincinnati Indemnity Co.

In the petitions, the companies were seeking to limit the scope of the Office’s investigative subpoenas and to postpone the Office’s Oct. 18 public hearing regarding Cincinnati’s business practices.

In agreeing with the Office’s position, the judge dismissed the petitions on the ground that the Court did not have appropriate jurisdiction to consider the matter. 

“The Office is happy that the court ruled in our favor,” said Office General Counsel Steve Parton. “The Office thought all along that the petitions were spurious and were intended to delay the Office’s information-gathering process.”

As was previously announced in the Florida Administrative Weekly, the public hearing is still scheduled to take place Oct. 18 at 9:30 a.m. at the Senate Office Building, Room 401, at the Capitol.

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. Business units within the Office are organized based on regulatory expertise and include the areas of life and health, property and casualty, specialty lines and other regulated insurance entities. It is within the Office that the mission of public protection is implemented through regulatory oversight of insurance company solvency, policy forms and rates, market conduct performance and new company entrants to the Florida market.
 
For more information about the Office, please visit www.floir.com. If you would like to review and compare homeowners insurance rates in Florida, go to www.shopandcomparerates.com.

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Should you have any questions or comments regarding this information, please feel free to contact this office.