April 30, 2024
Current and former leaders with Florida property insurers have had some strong reactions to state regulators’ recent efforts to oust company executives who previously helmed now-insolvent carriers. Some have called the unprecedented regulatory action unfair, misguided and impossible to substantiate, …
April 5, 2024
The Florida Office of Insurance Regulation is reminding carriers that additional data is due April 17 on Hurricane Ian claims. All property insurers are required by law to submit the enhanced catastrophe reports, including additional claims and other data gathered …
February 22, 2024
When Allstate’s Florida unit, Castle Key Indemnity Co., entered the surging condominium insurance market in 2020, it looked like it had made a smart bet: Within two years, the carrier had added no fewer than 123,000 policies. Then came reinsurance …
November 7, 2023
The Florida Office of Insurance Regulation wants property insurers to remember that another deadline for enhanced catastrophe reporting on Hurricane Idalia claims is Nov. 16. The OIR is required by law to collect a range of data on hurricane claims. …
August 22, 2023
When Citizens Property Insurance Corp. in June filed for the maximum rate increases allowed by its statutory glidepath, many in the Florida insurance industry saw it as a good thing, needed to help steer policyholders back toward the beleagured primary …
June 6, 2023
Florida’s insurance commissioner has appointed two longtime veterans of the department to high-level regulatory positions. Virginia Christy’s name will be familiar to anyone who has read Florida Office of Insurance Regulation consent orders when property insurers are deemed insolvent. Since …
March 31, 2023
Three Florida insurance carriers, one large and two small, are seeking approval for major rate increases, with one condominium policy increase as high as 103%. Citizens Property Insurance Corporation’s board of governors this week voted to file for a 14.2% …
February 13, 2023
Florida’s governor has named the insurance department’s former chief of staff as new insurance commissioner, filling a position that has been vacant since the former commissioner resigned in late December. Michael Yaworsky, now vice chair of the Florida Gaming Control …
July 27, 2022
Florida’s insurance commissioner announced today that his office has found an “unprecedented solution” to the looming property insurer rating crisis – let Citizens Property Insurance Corp. provide a level of reinsurance to companies in case they are downgraded, at least …
July 21, 2022
In 2021, Florida’s domestic property insurers spent more than $3 billion on legal defense costs and containment – double the figure reported in 2016. That’s one jaw-dropping but not surprising takeaway from the Florida Office of Insurance Regulation’s recently posted …