Florida Office of Insurance Regulation News

Florida Regulators Approve 50K Citizens Policies for October Takeouts

The Florida Office of Insurance Regulation has approved the following companies to participate in the October Citizens Property Insurance Corporation take-out period. For the Oct. 17, 2017 Personal Residential Take-Out Period: Safepoint Insurance Company – approved to remove up to …

Nearly 20K Citizens Policies Approved for August Takeouts by Florida Regulators

The Florida Office of Insurance Regulation has approved the following companies to participate in the August Citizens Property Insurance Corporation take-out period. For the Aug. 22, 2017 Personal Residential Take-Out Period: National Specialty Insurance Company – approved to remove up …

Florida Approves Nearly 1,500 Citizens Commercial Policies for July Takeouts

The Florida Office of Insurance Regulation (OIR) has approved the following company to participate in the July Citizens Property Insurance Corporation (Citizens) take-out period. For the June 20, 2017 Commercial Residential Take-Out period: Weston Insurance Company – approved to remove …

10K Florida Personal Lines Policies Approved for Citizens Takeouts

The Florida Office of Insurance Regulation (OIR) has approved one company to participate in the June Citizens Property Insurance Corporation take-out period. For the June 20, 2017 Personal Residential Take-Out Period: Weston Insurance Co: – approved to remove up to …

1347 Property Insurance Holdings to Expand Into Florida Homeowners Market

Specialty property and casualty insurance holding company 1347 Property Insurance Holdings, Inc., (PIH), which currently offers insurance to individual and commercial customers in Louisiana and Texas through its wholly-owned subsidiary, Maison Insurance Co., has announced plans to write business in …

Florida Approves 97K Policies for December Take-Outs from Citizens

The Florida Office of Insurance Regulation (OIR) has approved a total of 97,390 policies for December take-outs from Citizens Property Insurance Corporation by the following companies. December 20, 2016 Personal Residential Take-Out Period (total of 95,465): Avatar Property & Casualty …

Florida Commissioner McCarty Saying Goodbye: ‘It’s Been a Labor of Love’

“It’s not for the faint of heart, I can tell you that… Anyone who comes in here and thinks it’s an easy job really does not have any idea what they’re getting into. But it’s been a joy… It’s been …

Florida’s Citizens Pushes Policy Changes to Address Rising Water Loss Claims

Citizens Property Insurance Corp.’s board of governors has approved a slate of recommendations aimed at reducing the impact of what it calls skyrocketing water-loss claims that could reverse progress made in returning Citizens to the state’s insurer of last resort. …

Report: Florida’s Workers’ Comp Market Still Strong but Uncertainty Remains

The latest workers’ compensation report from Florida’s insurance regulator says the state’s workers’ compensation market remained competitive and well capitalized in 2014, but reforms put in place by state lawmakers in 2003 may have reached their maximum effectiveness. Findings and …

Florida Issues Final Order for NCCI to Decrease Workers’ Comp Rates by 4.7%

The Florida Office of Insurance Regulation (OIR) has approved an overall decrease of 4.7 percent in workers’ compensation insurance rates in Florida. Following the disapproval of its original rate filing request, the National Council on Compensation Insurance (NCCI) submitted additional …