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Michael MolineAugust 28, 2018

The ratings agency that recommends workers’ compensation insurance premium levels in Florida on Monday recommended a 13.4 percent reduction, to take effect Jan. 1. A summary released by the National Council on Compensation Insurance, or NCCI, cites “continued significant improvement in loss experience.” “This is consistent with prior experience filings in Florida and in line […]

Staff ReportsAugust 13, 2018

Hurricane Irma should have been warning enough, but insurance regulators in Tallahassee are underscoring the imperative for homeowners to make sure they’re carrying enough insurance, including flood coverage. Most flood policies typically take effect 30 days after purchase, officials said in a written statement issued last week. With the 2018 hurricane season nearing its peak, there’s […]

Michael MolineJune 20, 2018

Citizens Property Insurance Corp.’s board of governors is putting off until December a decision on whether to seek premium increases of an average 7.9 percent on residential policies and 8.9 percent on commercial lines. Board members said Tuesday that they wanted to give Citizens staff time to resolve a large number of Hurricane Irma claims and […]

Michael MolineMay 14, 2018

Details of insurance claims gleaned for the ongoing battle against assignment of benefits (AOB) abuse are “trade secrets” that should be shielded from public view, a new lawsuit says. Universal Property & Casualty Insurance Co. recently filed in Leon County Circuit Civil court against the Office of Insurance Regulation (OIR), seeking to block it from complying with a public records […]

Michael MolineApril 24, 2018

Daytona Aircraft Services had a beef with its workers’ compensation carrier — it believed the insurer had misclassified its operations, and that the mistake was costing $18,000 per year in inflated premiums. The company presented its case Tuesday before the Florida Workers’ Compensation Appeals Board, an independent forum overseen by the state Office of Insurance […]

Peter SchorschNovember 2, 2017

The Florida Chamber of Commerce’s 2017 Insurance Summit is set to kick off today with a long list of presentations and panels, including a report from Florida CFO Jimmy Patronis on how the Sunshine State is “rising to the challenges it faces.” The two-day event, to be held at the Orlando Ritz Carlton, will include […]

Michael MolineOctober 18, 2017

Regulators pressed representatives of a workers’ compensation insurance rating service Wednesday about whether two Florida Supreme Court rulings had in fact increased the cost of administering claims, as many had feared. The answer: Still too soon to say. Nor is it clear that carriers adjusted their reserves or other practices in response to the rulings […]

Michael MolineSeptember 27, 2017

Citizens Property Insurance Corp. faces $1.2 billion in losses following Hurricane Irma, Board of Governors chair Christopher Gardner reported Wednesday. “Please recognize that this is an early estimate, and this number will probably change,” Gardner told board members during a telephone conference call. The Florida Office of Insurance Regulation, meanwhile, reported 577,918 claims against all insurers […]

Michael MolineSeptember 19, 2017

Insurance claims from Hurricane Irma now have surpassed $2 billion, the Office of Insurance Regulation announced Tuesday. As of 4 p.m. Monday, 372,281 claims represented $2,168,674,31 in dollar losses. A little more than 6 percent of those claims have been closed already. Insurers rejected another 8,300. You can drill down into the data here. The […]

Michael MolineSeptember 18, 2017

State regulators have received notice of more than 335,000 insurance claims since Hurricane Irma hit Florida, mostly concentrated in Central and South Florida, with losses nearing $2 billion. The bottom line as of 4 p.m. Sunday was 335,347 claims, according to the Office of Insurance Regulation. Total estimated insurance losses were $1,954,947,889. The data were […]

Tag: Florida Office of Insurance Regulation

NCCI recommends significant drop in workers’ compensation premiums

Irma memories spark call for homeowners to check their insurance

Citizens Insurance board delays vote on new rates until year’s end

Info used to combat AOB abuse triggers lawsuit over ‘secrets’

Workers’ compensation appeals board parses risk for thousands of companies

Florida Chamber’s 2017 Insurance Summit kicks-off in Orlando

Too soon to know? Regulators weigh worker’s comp rates

Citizens Insurance faces $1.2 billion in Irma claims; total insurance hit is $3.7 billion

Irma-related claims now over $2 billion

State: Insurance losses post-Irma near $2 billion