Florida Office of Insurance Regulation News

Fla. Courts Upholding Appraisal Clauses that Bar Assignment of Benefit Cases

A Florida appeals court has upheld the dismissal of no fewer than 16 auto glass assignment-of-benefits lawsuits against Progressive Insurance companies, perhaps putting an exclamation point on the enforceability of appraisal clauses and policy language that bars claims litigation. The …

Florida OIR Says Insurers Spent $3B on Legal Defense, 21 Insurers on Watch List

In 2021, Florida’s domestic property insurers spent more than $3 billion on legal defense costs and containment – double the figure reported in 2016. That’s one jaw-dropping but not surprising takeaway from the Florida Office of Insurance Regulation’s recently posted …

Universal Drops Conflicts of Interest Complaint About Public Adjusters

The Florida property insurance community was abuzz this week after word got out that a closely watched complaint about some public adjusters’ apparent conflicts of interest had been withdrawn. The head of investigations for Universal Property & Casualty Insurance, one …

Florida Policies in Limbo Over Proposed Insolvency Surcharge

The Florida Insurance Guaranty Association is urging insurers to hold off on sending homeowners’ policy renewals until state regulators decide if they will approve a surcharge on premiums to help cover more than $168 million in claims left from two …

How Recent Workers’ Comp Court Decisions May Affect Florida Business

Although there has been a great deal of debate about recent Florida Supreme Court decisions related to workers’ compensation legislation, few employers understand how it will affect their businesses, according to Lykes Insurance, a Florida-based commercial insurance firm. “These decisions …

Residential Claims Make up the Majority of Florida’s Hurricane Matthew Damage

A total of $170 million is the estimate of losses to date related to Hurricane Matthew in the state of Florida, according to the Florida Office of Insurance Regulation. So far, residential property claims make up the majority of claims …

Florida Agency Approves Removal of Citizens’ Policies

The Florida Office of Insurance Regulation (Office) has approved the removal of up to 180,040 personal residential policies and 2,527 commercial residential polices from Citizens Property Insurance Corporation (Citizens) by the following nine companies: Anchor Property & Casualty Insurance Company …

Florida OIR Approves Removal of Up to 427,584 Policies From Citizens

The Florida Office of Insurance Regulation (OIR) announced that it has approved the removal of up to 425,357 personal residential policies and 2,227 commercial residential policies from Citizens Property Insurance Corp. by 14 companies. The OIR said Thursday this is …