The Florida Office of Insurance Regulation (OIR) is recognizing its ongoing efforts to serve the citizens of Florida.
“Thanks to support and leadership from Governor DeSantis, the Office of Insurance Regulation has delivered on important consumer protections and strengthened Florida’s insurance marketplace,” said Insurance Commissioner David Altmaier. “In the coming year, we will work hand-in-hand with our partners to continue to promote a stable and competitive insurance market for consumers.”
The following highlights OIR’s 2019 and ongoing efforts.
- Earlier this year, the legislature concluded what was a successful session for many insurance issues. With support from Governor DeSantis, CFO Jimmy Patronis and many others, Florida passed meaningful Assignment of Benefits (AOB) reform. This legislation provides for a variety of important consumer protection provisions that will positively impact consumers.
- The new Guaranty Fund legislation expands the assessment base for long-term care insolvencies, a development supported by OIR, which broadens the assessment base to help mitigate the impact of future potential long-term care insolvencies.
- The Continuing Care Contracts legislation passed, providing greater protections for residents in Continuing Care Retirement Communities (CCRCs). The legislation provides a new financial regulatory framework and additional requirements for CCRCs to communicate and protect residents. OIR has worked with the Continuing Care Advisory Council and other stakeholders to successfully implement these legislative changes.
- OIR continues to promote the private flood market as an additional option for consumers. Florida’s private flood market participation has increased more than 30% from March to September 2019, with almost 83,000 private primary flood policies in force and 32 insurance writers, as of September 30, 2019. From June 2017 to March 2019, there was a 169% increase in policies in force. The increasing number of policies and writers are signs of a growing insurance marketplace.
- OIR recently issued a Final Order to the National Council on Compensation Insurance,reducing workers’ compensation insurance rates by 7.5%, effective January 1, 2020. This reduction provides another year of rate relief for Florida businesses and applies to new and renewal workers’ compensation insurance policies.
- OIR is committed to helping consumers with Hurricane Michael insurance claims and holding insurers accountable for failing to provide for their policyholders. Since Hurricane Michael made landfall, OIR has issued 45 data calls related to catastrophe claims, attended numerous Insurance Villages, participated in the Insurance Consumer Townhall, and met with various stakeholders to answer questions about claims and assist consumers. OIR has been consistently monitoring data for any indications that insurers are violating Florida law and currently has 12 open market conduct examinations on insurers regarding Hurricane Michael claims processing. OIR is actively participating in discussions about additional legislation to better protect consumers.
- OIR has been successful in entering two new health insurers to the Florida marketplace and others are expanding their footprint, providing for meaningful competition in a large part of the state.
- OIR received its reaccreditation from the National Association of Insurance Commissioners (NAIC) and Commissioner Altmaier continues to play a leadership role within the organization, positioning Florida as a nationwide leader in insurance regulation.
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on Twitter @FLOIR_comm.