News provided by: Insurance Journal The rating agency responsible for assigning financial stability ratings (FSR) to more than 40 Florida domestic insurers has warned that several carriers will receive downgrades due to deteriorating conditions in the state’s property insurance market, and more than a dozen more could be downgraded in the next few months. In…
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…
FORT LAUDERDALE, FLORIDA, November 4, 2019 – The Federal Association for Insurance Reform, a non-partisan insurance consumer advocacy group, today announced the election of Jay Neal as the Executive Chairman of the Board of Directors and Jeffrey Bragg, former Executive Director of the Terrorism Risk Insurance Program and NFIP Administrator, as the Board’s Vice-Chairman. The…
News provided by Security First Insurance: ORMOND BEACH, Fla., Sept. 25, 2019 /PRNewswire/ — The non-profit consumer advocacy group, the Federal Association for Insurance Reform (FAIR) has selected Melissa Burt DeVriese, Security First’s Chief Administrative Officer & Chief Legal Counsel as the 2019 recipient of its Founder’s Award. According to Jay Neal, FAIR’s President and Chief Executive Officer, “Melissa has been…