OIR Informational Memorandum OIR-19-04M – Hurricane Michael Claims Response
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FIC: FHCF LAE Increase Rule Changes Move Closer To Adoption
By: Katrina Callaway, FIC General Counsel During its meeting on July 25, 2019, the Florida Cabinet, sitting as the State Board of Administration Trustees, approved four agenda items dealing with Florida Hurricane Catastrophe Fund (FHCF) rule changes needed to implement the loss adjustment expense (LAE) increase from 5% to 10%. As background,…
Citizens’ Board approves revised 2019 rates reflecting AOB reforms
FOR IMMEDIATE RELEASE: June 19, 2019 Contact: Christine Ashburn850.728.7255 (cell) / 850.513.3746 Citizens’ Board approves revised 2019 rates reflecting AOB reforms MAITLAND, FL – Citizens Property Insurance Corporation’s Board of Governors on Wednesday approved 2019 proposed rates that reflect recent legislative changes to reduce unnecessary litigation and assignment of benefit abuse that have driven up…
FIC: Flood Disclosure Bill Signed By Governor
By: Katrina Callaway, FIC General Counsel On June 7, 2019, the Governor signed HB 617, a glitch bill making a clarifying change to last year’s bill requiring flood disclosure on homeowner’s policies. The bill takes effect on July 1, 2019. The bill clarifies that the flood disclosure currently required by law is only required on…
FIC: One Way Attorney Fee Expansion To Contractors Signed
By: Katrina Callaway, FIC General Counsel On June 7, 2019, Governor DeSantis signed HB 1247 which takes effect on October 1, 2019. The bill primarily deals with construction bonds, however, there is a surety insurance provision in it. That provision applies Florida’s one-way attorney fee law to suits brought by contractors against a surety insurer…
FIC: FHCF To Change Rules To Implement New Law On LAE
By: Katrina Callaway, FIC General Counsel Following a rule workshop and Advisory Council meeting on May 30, 2019, the Florida Hurricane Catastrophe Fund (FHCF) is proceeding with changes to administrative rules and forms to implement the increase in loss adjustment expense (LAE) reimbursement set out in HB 301 which just passed the Legislature. Under the…