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Florida Warns of Crypto Scam, Louisiana Helps with $129 Million in Additional Claims, Connecticut Weighs in on Federal Subsidies
State by state variations of laws, compliance protocols, industry transparency, and general regulatory cultures can lend one the impression that maintaining with industry changes is just a little bit like herding cats. So, what higher approach to wrangle a few of the more localized insurance news than in a Regulatory Roundup? On an ongoing basis, […]
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Hearing on Florida Residents’ Near-Max Rate Increases Set for March 31
The Florida Office of Insurance Regulation will hold a hearing on Thursday, March 31, to look at a request by Residents Property Insurance Corp. for a near-maximum rate increase for many of its policies. Residents, limited by its statutory “glidepath” to a maximum increases of 11% this yr, in December filed for near that on […]
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Goodbye Courtroom? Florida Residents Wants Claims Disputes Heard by Admin Judges
By this time next year, Citizens Property Insurance policyholders and assignees of benefits could see their claims disputes decided, not in county or circuit courts, but by administrative judges who work for a Florida state agency.The Citizens Board of Governors on Wednesday voted to move ahead with a policy endorsement that would allow the insurer […]
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Demotech Joins Call for Florida Special Session; AM Best Downgrades Farm Bureau
The Demotech rating agency has joined the relatively small variety of voices calling for a special session of the Florida Legislature to enact changes that insurers hope will help curtail fraudulent roof claims, deter excessive litigation and address other needs. In a letter last week to Gov. Ron DeSantis and legislative leaders, Demotech President Joe […]
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Pause in Florida Writing was Planned; Growth Continues
The February news that five Florida-admitted property insurers had stopped writing latest business within the state painted an image of impending doom for the insurance market within the state. But officials with one in all those firms, the relatively young TypTap Insurance, have said that things aren’t so bad for everybody, and that its pause […]
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Some Florida Agents Caught Off-Guard by Boom in Solar Power
Florida could also be often known as the Sunshine State, but some insurance agents say they’ve been unprepared for the recent boom in rooftop solar energy installations across the state, installations that may affect coverage, premiums and even home sales. “We sort of got blindsided, to inform you the reality,” said Christy Wolfe, sales development […]
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Florida Regulators, FAIA Slam Demotech for Reported Plans to Downgrade 17 Carriers
Florida’s top insurance regulators and the Florida Association of Insurance Agents on Thursday blasted the Demotech financial rating firm after the organization reportedly notified 17 insurers that they are going to soon be downgraded.Demotech President Joe Petrelli said Thursday evening that the Florida insurance commissioner, the state’s chief financial officer and the FAIA had misconstrued […]
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Teen Dies After Florida Keys Boating Accident that Injured 11
A boating accident within the Florida Keys left an adolescent dead and 10 other people injured, in response to local media. The Miami Herald reported that Lucy Fernandez, a 17-year-old highschool senior from Miami, was amongst 14 people on a motorboat that crashed right into a channel marker Sunday evening. 4 of the injured were […]