Florida Insurance Council - Covering Florida Since 1962
By: Katrina Callaway, FIC General Counsel HB 623, is a comprehensive condo association bill that contains one insurance provision. That provision prohibits a condo unit owner’s property policy from allowing the unit owner to subrogate against the condo association if the association’s policy does not allow the association to subrogate against the unit owner. The…
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…
Summary of Changes–Rule 29 (2020) 10-2019.pdf
FHCF October 2019 Bonding Capacity Report.pdf
By: Katrina Callaway, FIC General Counsel The FHCF held a rule workshop on October 17, 2019 on Rule 19-8.029 on insurer reporting requirements and responsibilities. The workshop also covered the forms incorporated in the rule. No one objected or made substantive comments to the rule changes during the workshop. A copy of the summary of…
By: Katrina Callaway, FIC General Counsel The Advisory Council (Council) for the Florida Hurricane Catastrophe Fund (FHCF or Fund) met on October 17, 2019 and learned the FHCF is still strong financially despite losses to the Fund in 2017 from Hurricanes Irma and in 2018 from Hurricane Michael. However, the Fund’s liquidity is a little…
By: Katrina Callaway, FIC General Counsel The Florida Hurricane Catastrophe Fund (FHCF) Advisory Council received an update on FHCF losses from Hurricanes Irma and Michael during its meeting on October 17, 2019. The FHCF losses from Hurricane Irma continue to grow. FHCF has paid $2.95 billion to 85 insurers for Hurricane Irma losses and estimates…