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.
Key highlights from the FY 2022-2023 budget include:
- $526,089 for new Property and Casualty actuaries for OIR to thoroughly review filings ensures companies can quickly adapt to the changing market conditions and maintain critical consumer protections, including the addition of a Financial Administrator position.
- An increase of $750,000 for Property and Casualty examinations to look closely at the financial stability of insurers and compliance with Florida’s Insurance Code.
- $100,000 for implementation of House Bill 357, to audit Pharmacy Benefit Managers.
- An additional $62,000 to conduct an annual Catastrophe Stress Test of Florida homeowners’ insurers to evaluate their ability to withstand the financial impact of a series of catastrophic events. These stress tests are conducted by the Florida Public Hurricane Model maintained by Florida International University (FIU) and help promote resiliency in Florida’s market.
About the OIR
The Florida Office of Insurance Regulation (OIR) 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 www.floir.comor follow on Twitter @FLOIR_comm.