May 26, 2017
Florida Commission Approves RMS North Atlantic Hurricane Models Risk Modeller RMS’s Version 17.0 North Atlantic Hurricane Models were Certified by the Florida Commission on Hurricane Loss Projection Methodology on May 12, 2017, for use in Residential Rate Filings with the …
May 25, 2017
Citizens unveils managed repair network on July 1 Effective July 1, new and renewing Citizens policies will include language providing customers with access to Citizens’ network of approved repair contractors. The Sun-Sentinel’s Ron Hurtibise reports. Tampa Bay is …
May 24, 2017
Florida Insurance Commissioner David Altmaier gave a presentation on Group Capital Calculation as part of the National Association of Insurance Commissioners (“NAIC”) Insurance Summit agenda on Monday, May 22, 2017. Commissioner Altmaier discussed the progress of the NAIC’s Group …
May 24, 2017
The Florida Surplus Lines Service Office advised today, May 24, 2017, that among the many insurance-related provisions of HB 221 relating to Transportation Network Companies (“TNCs”) is clarification that providers such as Uber and Lyft, and any other entity …
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 …