Florida Establishes Temporary Reinsurance Arrangement for Insurers Facing Potential Financial Stability Rating Downgrades
Published: Jul 27, 2022
Today, the Florida Office of Insurance Regulation (OIR) announced a plan to establish a temporary reinsurance arrangement through Citizens Property Insurance Corporation (Citizens) in the event of disruptive financial rating downgrades from Demotech, Inc. This unprecedented solution would allow insurers to meet an exception offered by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and ensures Floridians can maintain coverage during hurricane season.
OIR Issues Orders Establishing 2022 Rates for Citizens Property Insurance Corporation
Published: Jun 24, 2022
Tallahassee, Fla. – The Florida Office of Insurance Regulation (OIR) has established the 2022 personal property and commercial property insurance rates for Citizens Property Insurance Corporation (Citizens).
OIR held a virtual public rate hearing to receive public comment on the filings on March 31, 2022. At the hearing, Citizens provided testimony in support of its rate recommendations and received comments from members of the public on the effects of the rate filings. Public comments were accepted for consideration on rate filings until April 14, 2022.
Following a review of the complete record, OIR established rates for Citizens’ Coastal Account (CA), Commercial Lines Account (CLA), and Personal Lines Account (PLA). The effective date for new and renewal rates is September 1, 2022.
Governor DeSantis' 2022-2023 Freedom First Budget Strengthens Florida Insurance Consumer Protections
Published: Jun 7, 2022
Tallahassee, Fla. – The Florida Office of Insurance Regulation (OIR) released the following statement today in support of Governor DeSantis' 2022-2023 Freedom First Budget:
“Governor DeSantis continues to demonstrate his commitment to Florida insurance consumers through the Freedom First budget. Florida has one of the largest insurance markets in the world and this budget helps strengthen consumer protections and promote a more resilient market,” said Insurance Commissioner David Altmaier.