Information from Florida Office of Insurance Regulation re Standard Rating Territories 1/29/2006

Dec 20, 2006 | By

Please see the below Press Release from the Office of Insurance Regulation. Should you have any questions or concerns, please do not hesitate to contact Colodny Fass.

 

1/30/06

Pursuant to Senate Bill 1486, passed by the Florida Legislature in 2005, and as required by section 627.062 (4), Florida Statutes, the Office of Insurance Regulation (Office) has developed a proposed plan on standard rating territories to be used by all authorized property and casualty insurers for residential property insurance.

The establishment of rating territories within a state or region within the personal property insurance market has proven a useful tool over time. In addition to private insurers establishing rating territories, a number of states define standard rating territories for particular lines of business, including homeowners insurance and personal automobile insurance.

The report can be accessed at http://www.floir.com/pdf/Standard_Rating_Terr.pdf