Florida’s insurance commissioner announced that his office had begun a rulemaking process to draft a form insurers should use to report a wide range of data on claims, as required by legislation passed in 2021.
“Residential property insurers should begin reviewing their systems now to ensure that as of Jan. 1, 2022, they are able to accurately collect and thereafter promptly report data as required by Florida law,” the Office of Insurance Regulation said in a memo posted Monday.
Senate Bill 76 made a number of changes to state law in an effort to reduce solicitation of homeowners by roofing companies and to limit property claims litigation. The bill, now law, also requires insurance companies to submit two dozen data points on claims, so that state regulators can better track claims litigation.
The first data reports will probably be due in the first quarter of 2023, the office said.
The proposed form has not yet been posted in the Florida Administrative Register, but insurers are encouraged to participate in the rulemaking and provide feedback, OIR said. A hearing may be held if deemed necessary. Questions can be emailed to InformationalMemoranda@floir.com. Include “OIR-22-01M” in the subject line.
The information required by the law will include the property locale, type of loss, vendors used for repair, name of the public adjuster, attorney for the claimant, amount paid in attorneys’ fees, attorney fee multiplier used and other expenses.
The OIR also has posted proposed reporting requirement changes for the Florida Hurricane Catastrophe Fund, including loss report information. The rule information can be seen here.
Was this article valuable?
Here are more articles you may enjoy.
Farmers Adjusters Cry Foul Over Workloads, Claims Handling in Letter to Regulators 
German Insurtech Wefox to Replace CEO After Board Rejects Mubadala Sales Plan 
Workers Sue Disney, Say They Were Wrongly Induced to Move to Florida 
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P 
