Legislative AnalysisClick here to read FAIR’s analysis of the most relevant bills that passed during the 2021 Florida legislative session, including SB 76, SB 1598, and HB 1209.
News Source: South Florida Sun Sentinel Author: Ron Hurtibise Date: May 17, 2021 As insurers continue to bemoan heavy claims losses and litigation costs in South and Central Florida, state insurance regulators are allowing three companies to cancel or not renew thousands of policies, forcing those jilted customers to find new coverage weeks before hurricane…
News Source: South Florida Sun Sentinel Author: Ron Hurtibise Date: April 16, 2021 The next few days will determine whether Florida consumers will lose valuable property insurance coverage to insurers’ efforts to fight fraudsters who are driving up costs for everyone. Critics are warning about several insurance industry-backed reform proposals that have already been…
News Provided By: The Washington Post Author: Bobby Caina Calvan Date: April 8, 2021 TALLAHASSEE, Fla. — Legislation hailed as some of the most robust yet to defend U.S. coasts against sea level rise is headed to Florida Gov. Ron DeSantis, a proposal that would provide millions of dollars annually to communities threatened with…
News Provided By: South Florida Sun Sentinel Article By: Ron Hurtibise Date: March 22, 2021 Homeowners worried they’ll have to foot most of the cost to replace their roofs if they get damaged should be able to relax for at least another year — unless they need to find a new insurer. The Florida House…
News Provided by: Florida Record Article by: Michael Carroll February 26, 2021 Restrictions on assignment-of-benefits (AOB) property insurance claims signed into law in 2019 have failed to control lawsuits blamed for pushing up insurance premium costs in Florida, according to a nonprofit insurance consumers group. The AOB reforms contained in House Bill 7065 attempted to…
The Florida Hurricane Catastrophe Fund’s Ratemaking Formula Report is an “Actuarial Communication” as governed by actuary profession’s U.S. Standards of Practice, specifically #41. Therefore, it must adhere to the following standard (from section 3.2 of #41) unless the actuary discloses a deviation from standards and explains why: “In the actuarial report, the actuary should state the actuarial…
FAIR is deeply concerned about the recently reported operating results of Florida-based insurance companies. We have also heard from a number of affected policyholders of insurance companies that have failed, i.e., Florida Specialty, Windhaven. Fourth quarter 2019 financial data will result in additional operating losses beyond the dollar amounts already reported. Moreover, Floridians will face…