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 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 …
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 …
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 …
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 …
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 …
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 …
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 …
Allegations that some insurance carriers have altered field adjusters’ damage estimates has gained more national attention after The Washington Post reported on and documented examples of the practices. Leadership with Florida-based Heritage Insurance Co. and with Florida Peninsula Insurance, named …
A Florida bill that aims to further limit injury and insurance litigation and attorney fees passed a state Senate committee Tuesday after heavy debate – but with few amendments at the opening day of the state’s 2023 legislative session. Senate …
