When Citizens Property Insurance Corp. in June filed for the maximum rate increases allowed by its statutory glidepath, many in the Florida insurance industry saw it as a good thing, needed to help steer policyholders back toward the beleagured primary …
Florida’s insurance commissioner has appointed two longtime veterans of the department to high-level regulatory positions. Virginia Christy’s name will be familiar to anyone who has read Florida Office of Insurance Regulation consent orders when property insurers are deemed insolvent. Since …
Three Florida insurance carriers, one large and two small, are seeking approval for major rate increases, with one condominium policy increase as high as 103%. Citizens Property Insurance Corporation’s board of governors this week voted to file for a 14.2% …
Florida’s governor has named the insurance department’s former chief of staff as new insurance commissioner, filling a position that has been vacant since the former commissioner resigned in late December. Michael Yaworsky, now vice chair of the Florida Gaming Control …
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 …
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’ 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 …
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 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 …
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 …
