Kevin McCarty News

Hurricane Season and Florida’s Insurance System: Living on Borrowed Time?

Mother Nature has been kind to Florida’s coastline lately with a record run of seven years without a hurricane making landfall, allowing property insurers time to re-stock their depleted coffers. As a result, before the new six-month hurricane season got …

Florida Regulator McCarty Offers Reform Map to Smaller Citizens Property Insurance

Florida’s insurance commissioner has proposed a set of reforms designed to return the state-back property insurer to being a residual market, while at the same time offering the private insurance market incentives to take on more property risks. Insurance Commissioner …

Praetorian Offers to Lower Florida Forced-Placement Rates by 18.8%

A forced placement mortgage property insurer providing coverage in Florida has offered to lower its rates by an average of 18.8 percent, despite the fact that state regulators said the rate decrease should be double that amount. Praetorian Insurance Co. …

Florida Cabinet Approves PIP Benefit Rule Sought by Insurers

Florida officials have approved an emergency rule that will allow auto insurers providing no-fault coverage to use a form informing accident victims of their benefits under the state’s revised personal injury protection law. The Florida Cabinet approved the emergency rule …

Florida Regulator Conducting Review of Citizens Insurance

Florida regulators are working on a report that is expected to layout the financial status, claims handling and other administrative workings of the state’s 1.4 million policyholder-backed property insurer. Florida Insurance Commissioner Kevin McCarty, in response to an inquiry by …

Florida Extends ‘Fast Track’ Policy Form Approval

Florida insurance regulators are extending a process that fast tracks approval of insurance company forms. The Office of Insurance Regulation (OIR) says the extension until June 2013 is necessary due to limited resources and a backlog of requests. Insurance Commissioner …

U.S. Regulators Urge Flexibility in Basel III Rules for Banks, Insurers

U.S. lawmakers and state financial regulators on Thursday called on federal officials to revamp proposed rules that would force financial firms to hold much more capital, asking them to consider the impact on small banks and insurance companies. U.S. bank …

NAIC Sets Up Consumer Call Center in Aftermath of Superstorm Sandy

State insurance regulators, working cooperatively through the National Association of Insurance Commissioners (NAIC), are coordinating efforts to assist New Jersey and other Eastern Seaboard residents in the aftermath of Superstorm Sandy. To help field calls and respond to residents’ needs, …

Florida OKs 6.1% Workers’ Compensation Rate Hike

Florida Insurance Commissioner Kevin McCarty said he will approve a 6.1 percent rate increase to become effective January 1, 2013 for workers’ compensation insurance rates in Florida. The decision was based the National Council on Compensation Insurance rate filing and …

Florida Approves 10.8% Rate Hike for Citizens; Also 21.4% for Sinkholes

Florida regulators have approved a 10.8 percent statewide average homeowners insurance rate increase and a 21.4 percent increase in sinkhole rates for the state-backed property insurer. Insurance Commissioner Kevin McCarty announced the new Citizens Property Insurance Corp. rates that hue …