Floridians Can Now Monitor The Impact Of The New Property Insurance Reform Law
WEBPAGE TO REPORT INSURER RATES FILED UNDER NEW REFORMS
(03/15/2007) The Florida Office of Insurance Regulation (Office) today announced it has added a new page to its website that allows Floridians to view adjustments to their premiums based on recent insurer filings. The rate changes are required by the new property insurance reform law. The web page will allow consumers to view the amount of the new rate cuts and is available at http://www.floir.com/PresumedFactor/index.htm
. Legislation passed during the recent Special Session of the Florida Legislature required the Office to calculate the Presumed Factors to estimate cost savings for consumers living in various regions of the state.
"Floridians are anxious to see how the reforms will affect them, and we want this process to be as transparent as possible," stated Insurance Commissioner Kevin McCarty. "This web-page enables policyholders to see the potential savings."
It is important for the public to understand these are average savings. The discounts in region 1, which contains zip codes from North Florida and the Panhandle, could average 10.2 percent of the total policy premium. The discounts could increase to an average of 52.8 percent of the total policy premium in region 25, which contains zip codes from Miami-Dade. When the insurer's filing is approved, policyholders can work with their agent to determine the exact savings based on their particular circumstances.
Commissioner McCarty cautioned that some insurers have not yet filed or have filings in process. Policyholders who do not see their insurance company on the webpage should not be concerned, as the webpage will be updated as additional information becomes available. The Commissioner also reminded Floridians that all insurers are required submit a second "reconciliation" filing by September 30, 2007 when all reinsurance arrangements have been finalized. If insurance companies have underestimated the potential savings, they will be required to provide an additional discount following this "true-up" filing.
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