Florida insurance commissioner News

In Its Quest for Diversity, Insurance Industry Finds One Size Does Not Fit All

In the wake of massive protests last year focused on racial equity and social justice, insurers are among the many industries confronting the need to incorporate more diversity into their hiring and business practices. There are many different ideas in …

Florida’s Altmaier Sees His State’s Private Flood Insurance Market Helping Others

Florida has 90,000 private flood insurance policies in force now– a 300% increase since passing legislation to encourage private insurers to offer the coverage in 2014, according to Florida Insurance Commissioner David Altmaier. Noting there are 5 million properties in …

Too Little, Too Late? Breaking Down Florida’s Latest Property Insurance Reforms

A bill passed by the Florida Legislature to address the state’s property insurance crisis has created optimism among some stakeholders, while others say it will not reduce rates over the next 18 to 24 months or stop the state’s out-of-control …

Florida Legislature Passes Major Changes to Auto, Property Insurance Markets

Florida lawmakers passed two bills on the last day of their 2021 legislative session that make major changes to the state’s auto and property insurance markets. The actions follow weeks of back-and-forth debate on the proposals between the House and …

NAIC Data: Florida Property Lawsuits Total 76% of Insurer Litigation in U.S.

New information from Florida’s insurance regulator paints a stark picture of the extent of litigation facing the state’s domestic insurers. The information comes as numerous stakeholders push for legislative reforms to address the litigation issue they blame for fueling the …

Regulator Deems Florida-Based American Capital Assurance Corp. Insolvent

After negative moves by ratings agencies last month to address its financial issues, Florida’s insurance regulator says American Capital Assurance Corp. (AmCap) is insolvent and should be placed in receivership, In a letter dated April 2 to Chief Financial Officer …

What Stakeholders Are Saying About the Florida Insurance Market

Florida stakeholders are pushing hard for the Florida Legislature to enact property insurance reforms this year to help the state address what has been deemed a market crisis. Read on for what everyone from the state’s insurance consumer advocate, to …

Q&A With David Altmaier, President, National Association of Insurance Commissioners

Florida’s insurance regulator has a busy year ahead, and it won’t just include overseeing his own state’s insurance market, one of the most dynamic and complicated insurance markets in the world. Rather, for the next year, Insurance Commissioner David Altmaier …

Southeast Insurance Chiefs Farmer, Altmaier Elected to Top NAIC Posts

South Carolina Department of Insurance Director Ray Farmer and Florida Insurance Commissioner David Altmaier have been elected to the positions of president and president-elect, respectively, of the NAIC (National Association of Insurance Commissioners). The two were voted in at the …

Statewide Overall Decrease of 7.5% Approved for Florida Workers’ Comp Rates

Florida Insurance Commissioner David Altmaier has issued a final order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall decrease of 7.5% for Florida workers’ compensation insurance rates. This applies to both new and renewal …