florida insurance crisis News

Fla. Solons Pass Accountability Bill, Banning Unexplained Changes to Adjuster Reports

After years of chipping away at incentives for lawsuits against property insurers, the Florida Legislature has approved the Insurer Accountability Act, codifying some best practices in claims handling and requiring more reporting by carriers and regulators. Senate Bill 7052 passed …

Florida Legislature Sends Windshield Repair Bill to Governor, Ending AOBs

The Florida House of Representatives on Tuesday overwhelmingly approved a bill that would prohibit assignments of benefits for windshield repairs, sending it to the governor for his signature. Senate Bill 1002, passed by a vote of 103 to 16, also …

Florida Senate Approves Amended Insurer Accountability Act, Removes Some Reporting

The Florida Senate has unanimously approved an amended version of the Insurer Accountability Act, removing some reporting requirements for property insurers. The amended bill would continue to bar insurers from altering adjusters’ estimates without detailing the changes. An earlier version …

Florida Insurers Facing a New 1% Assessment on Premiums for Insolvent Insurer Claims

Florida property insurers are preparing for another assessment on premiums to help the Florida Insurance Guaranty Association fund outstanding claims from an insolvent insurer. The 1% emergency assessment on all premium for new and renewing policies, approved this month by …

Florida Commercial Insurer Capacity Insurance Now in Runoff, OIR Order Says

Less than a year after it announced it would stop writing new business in Florida, commercial carrier Capacity Insurance has been placed under administrative supervision and is now in an orderly runoff. The Florida Office of Insurance Regulation said in …

HCI Launching New Florida HO Insurer After Go-Ahead From Regulators

Florida regulators have given a green light to a new homeowners insurance company, the first since state lawmakers took steps in December to rein in costly claims litigation. Tailrow Insurance Co., part of HCI Group, was approved April 4 by …

Altering Adjusters’ Reports a No-No Under Florida Insurer Accountability Bill

As trial lawyers and news reports around the state continue to criticize Florida lawmakers for the far-reaching tort-reform passed last month, the Senate Banking and Insurance Committee has approved a bill designed to bring more accountability for property insurers. By …

After Nonrenewals, Castle Key Files 53.5% Increase for Remaining Fla. Condo Policies

Two months after Allstate announced that a Florida subsidiary would non-renew 33,000 condominium policies, the company has filed for a 53.5% average rate increase. Castle Key Indemnity Co., which as of year-end 2022 held some 287,000 policies in Florida, making …

DeSantis Turns Heads with Comment that Citizens Insurance ‘Not Solvent;’ Board Approves Cat Bond

Florida Gov. Ron DeSantis raised some questions Friday when he suggested that Citizens Property Insurance Corp., the state-created insurer, has “not been solvent” and may be unable to pay all claims from a major hurricane. The head-scratching comments came just …

Credit Outlook for Allstate’s Florida Unit is Negative, Reflects Deteriorated Surplus

The AM Best financial rating firm’s tepid outlook for Allstate’s Florida subsidiaries, Castle Key Insurance Co. and Castle Key Indemnity Co., has raised new questions about the subsidiaries’ and their parent company’s financial picture. AM Best last week posted a …