Consumer input proposed for Insurance Commissioner replacement process

Fort Lauderdale, FL. January 20, 2016: Florida Insurance Commissioner Kevin M. McCarty’s resignation presents an opportunity for Floridians to weigh in on the replacement process for this critical position. Since the Florida Office of Insurance Regulation (FLOIR) was created in 2003, McCarty has served as its only appointed Insurance Commissioner. Commissioner McCarty was honored last…

Citizens seeks rate hike over water claims (News Services Florida)

State-backed Citizens Property Insurance is looking to boost premiums an average of 6.8 percent statewide as water-damage claims, particularly in South Florida, continue to surge. The recommendation will go before Citizens’ Actuarial and Underwriting Committee on Tuesday and is scheduled to go before the insurer’s Board of Governors on Wednesday. It follows a more-modest 1.8…

FAIR Presents Wind and Water Mitigation Policy Recommendations at the Florida Insurance Consumer Advocate’s “Troubled Waters” Forum in Boca Raton (Press Release)

Fort Lauderdale, FL – The Florida Association for Insurance Reform (FAIR) recommends several potential solutions to mitigate recent rate hikes that have stemmed from increases in the severity and frequency of water claims. Paul Handerhan, FAIR’s Senior Vice President of Public Policy, was speaking at the “Troubled Waters” forum in Boca Raton, organized by Sha’Ron…

State flags insurer’s proposed assignment of benefits restrictions (Sun Sentinel)

One of South Florida’s largest property insurance companies has been rebuffed by state insurance regulators for seeking Assignment of Benefits restrictions that were disapproved two years ago. Clearwater-based Heritage Property & Casualty, which is seeking a 14.9 percent rate increase this year, in April sought to require a mortgage lender’s approval before a policyholder can…

Report: Florida insurers’ ability to respond to next catastrophe ‘uncertain’ (Sun Sentinel)

The ability of Florida’s young homeowner insurance companies to manage a large catastrophic hurricane is “uncertain” despite recent strong financial performance, a new Fitch Ratings analysis asserts. The report released last week, “Florida Homeowners Insurance Market Update: No Time for Complacency Following Hurricane-Free Decade,” says the short history and lack of experience with catastrophes would…

State to appeal court ruling allowing State Farm to keep policy tallies private (Sun Sentinel)

Florida’s new insurance commissioner has decided to appeal a circuit court ruling allowing State Farm Insurance Co. to opt out of submitting policy-count totals to a publicly available database. Commissioner David Altmaier, appointed just two weeks ago to succeed Kevin McCarty as the state’s top insurance regulator, made the decision “following a thorough review” of…