Governor Rick Scott spoke in his state of the state address about the importance of reforms to Florida’s no fault auto insurance system, aimed to significantly reduce the fraud abuse which is currently rampant within it. According to Scott, the cost of fraud to the people in the state is an estimated $900 million. In his address, he said that “If we do not act, the Office of Insurance Regulation predicts that costs for consumers will continue to spiral out of control.” He also claimed that the premiums that are…
Read MoreTag: Governor Rick Scott
Scott Wallace, CEO of Citizens Property Insurance, to step down
Scott Wallace, the President and CEO of Citizens Property Insurance Corp., has announced that he will be stepping down on April 6, 2012 from his positions in the corporation. Wallace has been the CEO for the insurer for over six years, and has been the head of the company throughout a time when it underwent a significant amount of growth and became the largest provider of homeowners’ insurance in Florida, reaching approximately 1.5 million policies. Citizens did face some scrutiny after state officials and Governor Rick Scott worked to find…
Read MoreInsurance reform takes a backseat in Florida Legislature, Insurance Council continues to press forward with changes
As insurance reform loses momentum amongst legislators, the Florida Insurance Council says that it will continue pushing for major changes to the state’s regulations and the Citizens Property Insurance group. Reform has fallen to the wayside in the current session of the state’s Legislature, which will begin next week. While lawmakers focus more on budget and redistricting, the much needed insurance changes are not to be considered until the next legislative session, which will happen much later in the year. The Insurance Council is pushing for changes to the state’s…
Read MoreCitizens board of governors submits new legislative agenda to Florida lawmakers
The governing board of Florida’s Citizens Property Insurance Corp. has agreed on a new legislative agenda that could save the state-run insurance program more than $1.5 billion in insured losses. The board met with state legislators this week in Orlando to discuss the agenda, particularly what legislators can do to make the insurance program more efficient. The board expressed the importance of making cuts to the types of properties the program can insure and has begun pressuring lawmakers to hasten the rate at which premiums can rise. Earlier this year,…
Read MoreFlorida legislators consider allowing surplus insurers to participate in Citizens Property Insurance Corp
In an effort to make Florida’s Citizens Property Insurance Corp. more sustainable in the future, lawmakers are now considering opening up the state-run insurance program to surplus carriers. Legislators believe that by allowing surplus insurers to participate, the program will go through a depopulation period as consumers take advantage of the wider variety in policies they have access to. Currently, the state-run program covers more than 1.5 million policyholders. With the program being so large, Governor Rick Scott believes that the only two solutions for sustainability lie in depopulating or…
Read More