OIR Approves a 7.5% Decrease to Florida’s Workers’ Compensation Insurance Rates
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FIC: Auto Glass Bill Discussed In Senate But Vote Postponed
By: Katrina Callaway, FIC General Counsel During its meeting last week, the Senate Banking and Insurance amended and discussed SB 312, the bill that prohibits repair shops from offering incentives to consumers for making an insurance claim to repair their windshield. However, as the allotted committee time was running short, Chair Broxson (R) said that…
FIC: Reinsurance Market Update Given To Senate Committee
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…
FIC: Citizens Property Updates Committee On AOB And Litigation
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…
FIC: Bad Faith Bill Filed In Senate
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…
FIC: Loss Run Statement Bill Moves In Senate
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…