Florida Office of Insurance Regulation (OIR) News

Florida Regulators Unveil Ratings Crisis Solution: Let Citizens Reinsure Carriers

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 …

Florida OIR: $3B Spent on Claims Defense in 2021; 27 Insurers Now on Watch List

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 …

Florida Workers’ Comp Rates Set to Decrease, Again

Florida workers’ compensation rates are set to decline again as the National Council on Compensation Insurance (NCCI) has proposed a statewide rate decrease of 4.9% in the voluntary market. The rates would take effect Jan. 1, 2022 if approved by …

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 …

Florida to Hold Hearing on Proposed National Specialty 24.9% Rate Increase

The Florida Office of Insurance Regulation will conduct a virtual rate hearing this week on a proposed 24.9% rate increase filed by National Specialty Insurance Co. for its homeowners multi-peril lines of business. Velocity Risk Underwriters, LLC is the Florida …

Florida Regulator to Hold Hearing for Proposed Citizens’ Rate Increases

The Florida Office of Insurance Regulation will conduct a rate hearing on Monday, March 15 on proposed rate increases from Citizens Property Insurance Corp. The hearing will be held virtually at 9 am EST and will include testimony and public …

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 …

‘Desperate’ Times: Stakeholders Urge Florida Lawmakers to Enact Insurance Reform

It’s the start of another Florida Legislative Session with a familiar theme — insurers pushing for reforms they say are needed to help the state’s distressed insurance market. Only this year the need is more urgent than ever, according to …