Tag: Florida Office of Insurance Regulation

Affordable Care Act creates strife for Florida regulators

Dan
homeowners insurance policy multiple claims

Regulators struggling to enact provisions of Affordable Care Act Insurance regulators in Florida are having a hard time complying with the Affordable Care Act. Late last week, regulators approached a legislative committee concerning the matter, informing lawmakers that they face a range of complex issues that inhibit them from making progress. Regulators cite a multitude of legal requirements and filings coming from the state’s health insurers as major factors in prohibiting their ability to implement key provisions of the Affordable Care Act. Legislative direction thought by state’s regulators Regulators are…

Read More

Workers compensation marketplace in Florida retails solid standing

H. Cutner
Workers Compensation Insurance

The state’s insurance for injured employees remains strong despite weakness in other parts of the country. The annual report providing data on the condition of the workers compensation insurance marketplace in Florida has now been released, and it has shown that the market in that state is still holding strong and is maintaining its competitive status. This report was initially released on Wednesday to provide insight into this marketplace. It was issued by the Office of Insurance Regulation in the state. That office pointed out that the premiums that employers…

Read More

Citizens Property Insurance gets approval for rate hikes

S.Vagus
Florida homeowners insurance, Citizens Property

Florida regulators approve rate increase proposal from Citizens Property Insurance Florida Businesses and homeowners can expect to see their insurance premiums jump by at least a double-digit sum early next year. Florida’s Citizens Property Insurance has been granted approval for a rate increase that will take effect January 1, 2013. The insurer’s rate proposal was approved by the Florida Office of Insurance Regulation this week. Though there are roughly three months before the new rates take effect, policyholders are up in arms over the approval of the rate hike. Homeowners…

Read More

Florida faces significant costs resulting from fraudulent no-fault claims

According to the Property Casualty Insurers Association of America (PCI), the imperfections of Florida’s no-fault car insurance system are causing abuse that is system-wide, and the number of fraudulent claims is larger than it has been at any other time. This national association issued a special report on the no-fault auto coverage in the state which showed that the resulting costs from the false claims have meant that drivers are paying over $800 billion more than they would otherwise be required. According to a senior vice president at PCI, Paul…

Read More