May 24, 2017
Florida adds hurricane reinsurance for “healthy” catastrophe fund The Florida Hurricane Catastrophe Fund will test the reinsurance market for a proposal for this year and report back to the governor and Cabinet. Florida has purchased $1 billion in reinsurance …
May 23, 2017
Hurricane activity in Florida has been somewhat subdued over the past decade; however, the market has not been without its challenges, A.M. Best explained in a press release today, May 23, 2017. A number of threats have emerged, from …
May 23, 2017
The Florida Office of Insurance Regulation (“OIR”) is seeking to revise most Rules under Chapter 69O-136 F.A.C. entitled “Application Procedures for Companies Seeking to Do Business in Florida.” The revisions include the addition of a new Rule–proposed 69O-136.004 F.A.C. …
May 23, 2017
The recently amended version of Rule 69O-144.007, entitled “Credit for Reinsurance From Certified Reinsurers,” will be on the agenda for final adoption at the scheduled June 14, 2017 Florida Cabinet meeting. The Rule has been revised to reflect what …
May 23, 2017
Florida Insurer Mt. Beacon Closes Its Doors, Policies Taken Over Call it a sign of the challenges facing Consumers in Florida, where many big National Insurers have largely stopped writing new business and a host of new and smaller competitors …
American Law Institute’s Proposed Liability Insurance Restatement Could ‘Upend the Insurance Market’
May 22, 2017
A restatement of the American Law Institute’s (“ALI’s”) Proposed Liability Insurance Restatement “violates legislative prerogative,” said National Conference of Insurance Legislators (“NCOIL”) CEO and Commissioner Tom Considine in the NCOIL newsletter issued today, May 22, 2017. Some legal experts …
May 22, 2017
The Florida Hurricane Catastrophe Fund (“FHCF”) Advisory Council approved the May 2017 Claims Paying Capacity Estimates at its May 18, 2017 meeting last week. The resulting report issued by Raymond James indicated that, although a continued increase in the FHCF balance …
May 22, 2017
The Florida Commission on Hurricane Loss Projection Methodology (“FCHLPM”) has determined that all models presented at its recent May 10-12, 2017 meeting are acceptable under the 2015 FCHLPM Standards. To view the models and their specific acceptable program version, …
May 22, 2017
Officials Worry About Drug Overdoses at Hurricane Shelters Local Officials are raising concerns about Drug Use at Hurricane Shelters, saying they aren’t equipped to care for addicts, unaccompanied minors and others with other medical needs. The Associated Press reports …
May 19, 2017
Florida Office of Insurance Regulation Veteran Belinda Miller Announces Retirement Belinda Miller, a Stalwart of Florida’s Insurance Regulation Efforts since 1985, will Retire on July 2. Michael Moline reports for FloridaPolitics.com. 14 Arrested in Miami Assisted Living Facility …