Information from Florida Office of Insurance Regulation re Standard Rating Territories 1/29/2006
Dec 20, 2006 | By Colodny Fass
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.
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