Florida Insurance Council - Covering Florida Since 1962
By: Katrina Callaway, FIC General Counsel During last week’s Senate Banking and Insurance Committee meeting, the Office of Insurance Regulation (OIR) provided an overview of reinsurance and discussed price trends for reinsurance. Their presentation can be found here starting at page 69. OIR told the Committee that reinsurance is important because it expands capacity in…
By: Katrina Callaway, FIC General Counsel During its committee meeting last week, the Senate Banking and Insurance Committee received a short update from Citizens Property Insurance on AOB and litigation trends. Because their presentation was cut off due to time constraints, it will be rescheduled for a later meeting. The Citizens’ presentation can be found…
By: Katrina Callaway, FIC General Counsel A stand-alone bad faith bill emerged in the Senate this week in advance of the 2020 Session. Sen. Brandes (R), the bill sponsor, has previously sponsored bad faith legislation, is well versed in the subject, and feels strongly about finding solutions to the bad faith problem. SB 924, includes…
By: Katrina Callaway, FIC General Counsel During its meeting on November 12, 2019, the Senate Banking and Insurance Committee passed a strike all amendment to SB 292 (amendment 304154), the bill requiring virtually all insurers, including surplus lines, to provide a free annual loss run statements covering five years to insureds within 15 days of…
By: Katrina Callaway, FIC General Counsel SB 540, dealing with FIGA and FWCIGA, unanimously passed its first Senate committee on November 12, 2019 and has two committees left. The bill was not amended. It is supported by FIGA and FWCIGA and is substantially similar to a bill that passed the House last year, but not…