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Industry

People’s Trust Insurance Company Public Rate Hearing

Posted on May 30, 2024

FOR IMMEDIATE RELEASE

May 29, 2024

People’s Trust Insurance Company Public Rate Hearing

WHO:

People’s Trust Insurance Company

WHAT:

The Florida Office of Insurance Regulation will conduct a virtual rate hearing to hear testimony from the People’s Trust Insurance Company and receive public comment on their proposed rate filings. The notice and agenda are available here.

The record is open for public comment through June 13, 2024. Public comment may be submitted at the rate hearing or emailed to [email protected] with the subject line “People’s Trust Insurance Company.”

WHEN:

Thursday, May 30, 2024, 2 p.m.

WHERE: Virtual Rate Hearing
Click here to register and participate online
By Phone: 1-877-309-2074; Access Code: 800-485-083

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 our website or follow us on X @FLOIR_comm.

Filed Under: Featured, Government, Industry

Commissioner Wilton Simpson Announces Preservation of Florida Family Farm Through Rural and Family Lands Protection Program

Posted on May 29, 2024

FOR IMMEDIATE RELEASE

May 29, 2024

Contact: Communications

850-617-7737

Commissioner Wilton Simpson Announces Preservation of Florida Family Farm Through Rural and Family Lands Protection Program

limestone creek ranch

TALLAHASSEE, Fla. – Today, Florida Commissioner of Agriculture Wilton Simpson announced the preservation of a Florida family farm through the Florida Department of Agriculture and Consumer Services’ Rural and Family Lands Protection Program. The Limestone Creek Ranch property, a more than 470-acre cattle operation in Hardee County, is being preserved through a rural land protection easement for $2,837,000.

“We are very proud to add the folks at Limestone Creek Ranch to the growing list of generational farmers in Florida who share our commitment to maintaining the productivity and sustainability of Florida’s agricultural landscape through the Rural and Family Lands Protection Program,” said Commissioner Wilton Simpson. “By safeguarding our rural lands through protection easements, we enhance food security, maintain these protected properties within the local tax system, and ensure property owners adhere to state standards for land and natural resource conservation.”

The Rural and Family Lands Protection Program purchases the development rights to the agricultural properties through voluntary rural land easements, which prevent the future development of the land and allow agriculture operations to continue to contribute to Florida’s economy and the production of food, timber, and other resources vital to the prosperity of Florida.

Limestone Creek Ranch

Limestone Creek Ranch has operated for over 70 years as a traditional cow/calf cattle ranch with an average of 300 head. Prior to its current ownership, the ranch was owned and operated by the current owner’s ancestors, Doyle Carlton, Sr., and Doyle Carlton, Jr. The ranch consists of improved pasture and native woods and is bisected by Limestone Creek which drains east to the Peace River. The property includes a mosaic of uplands and wetlands and is part of a larger landscape of habitat diversity with a total of 2,082 acres. Current ownership is in an LLC comprised of the grandchild and great grandchildren of Doyle E. Carlton Sr. Since the land was acquired by the late Mr. Carlton in 1935, it has been continuously operated as a traditional cow/calf operation. The current owner worked on the property during the summers of 1960 through 1969. The Carlton family has an extensive history in ranching in Florida, dating back to the mid-1800s.

About the Rural and Family Lands Protection Program

Established in 2001 with the passage of the Rural and Family Lands Protection Act, the program recognizes that working agricultural lands are essential to Florida’s economic future. Agricultural lands are being increasingly threatened by urban development. To counter this trend, the Rural and Family Lands Protection Program partners with farmers and ranchers to ensure sustainable production practices while protecting natural resources.

During the 2024 Legislative Session, Commissioner Simpson helped to secure from the Florida Legislature $100 million for the Rural and Family Lands Protection Program and another $100 million each fiscal year, appropriated in SB 1638, to support the Florida Wildlife Corridor, including the acquisition of conservation easements under the Rural and Family Lands Protection Program.

Commissioner Simpson recently recognized the families of the Rural and Family Lands Protection Program at an event in Lake Placid, Florida, and celebrated the program’s 100,000th acre milestone in agricultural land preservation.

Commissioner Simpson has been involved in Florida’s land conservation policy issues long before becoming Florida’s Commissioner of Agriculture. As Senate President, Commissioner Simpson championed the successful passage of the Florida Wildlife Corridor Act, which directed the state of Florida to better protect and connect Florida’s natural areas and wildlife habitats and to preserve working agricultural lands from future development. As Senate President, Commissioner Simpson also secured $300 million for the Rural and Family Lands Protection Program.

For more information about Commissioner Simpson and the Florida Department of Agriculture and Consumer Services, visit FDACS.gov.

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Filed Under: Featured, Government, Industry, Leaders

Upcoming Public Meeting for Eau Gallie Boulevard Maintenance Resurfacing Project

Posted on May 28, 2024

For Immediate Release
May 28, 2024

Contact: Public Information Office
386-943-5593

[email protected]

 

Upcoming Public Meeting for Eau Gallie Boulevard Maintenance Resurfacing Project
Meeting will be offered in person and online

 

BREVARD COUNTY, Fla. — The Florida Department of Transportation (FDOT) will hold a public meeting regarding project plans on Eau Gallie Boulevard (State Road 518) from Sarno Road to west of North Apollo Boulevard in Melbourne on Tuesday, June 4, at 5:30 p.m. The purpose of this project is to repave Eau Gallie Boulevard to extend the life of the existing roadway and improve safety for bicyclists.

The Department is offering multiple ways for the community to participate in the meeting. All participants, regardless of platform they choose, will participate in the same live meeting.

FDOT encourages community involvement and is offering this public meeting in a hybrid format to provide more ways to participate. All attendees, regardless of which platform they choose, will receive the same information.

In-Person Open House Option: Participants may attend in person by going Grand Manor, 1450 Sarno Road, Melbourne, FL 32935 anytime between 5:30 p.m. and 7 p.m. to view a looping presentation and project displays, speak with project team members, and submit comments or questions. If attending in person, please remember to follow all safety and sanitation guidelines. If you are feeling unwell, please consider attending the meeting virtually.

Virtual Option: Interested persons may join over the Internet from a computer, tablet or mobile device at 5:30 p.m. For this option, advance registration is required by visiting https://bit.ly/4cQiqN9. Once registered, participants will receive a confirmation email containing information about joining the meeting online. If using a mobile device, use the GoToWebinar app to be able to view the presentation and submit comments. If joining online, please allow adequate time to log in to view the presentation in its entirety.

Those who cannot attend the meeting may view all meeting materials, including the presentation, and provide comment through the project website at www.cflroads.com/project/445213-1. You may also contact FDOT Project Manager Randy Turner directly at 386-943-5207 or [email protected] to receive project documents.

Public participation is solicited without regard to race, color, national origin, age, sex, religion, disability, or family status. Persons wishing to express their concerns relative to FDOT compliance with Title VI may do so by contacting Melissa McKinney, FDOT District Five Title VI Coordinator, at [email protected].

Persons who require accommodations under the Americans with Disabilities Act (ADA) or persons who require translation services (free of charge) should contact Randy Turner at 386-943-5207 or [email protected] at least seven (7) days prior to the meeting. If you are hearing or speech impaired, please contact us by using the Florida Relay Service, 1-800-955-8771 (TDD) or 1-800-955-8770 (Voice).

Media inquiries should be directed to the FDOT District Five Public Information Office at [email protected] or by phone at 386-943-5593.

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www.fdot.gov | Twitter: @MyFDOT_CFL | Facebook: @MyFDOTCFL

Filed Under: Government, Industry

Commissioner Wilton Simpson Announces Applications Open for Aquaculture Classroom Systems for Florida Educators

Posted on May 28, 2024

FOR IMMEDIATE RELEASE

May 28, 2024

Contact: Communications

850-617-7737

Commissioner Wilton Simpson Announces Applications Open for Aquaculture Classroom Systems for Florida Educators

TALLAHASSEE, Fla. – Today, Florida Commissioner of Agriculture Wilton Simpson announced the Florida Department of Agriculture and Consumer Services’ (FDACS) Division of Aquaculture is now accepting applications from Florida educators for aquaculture classroom systems and supplementary materials.

“From ornamental fish and aquatic plants to food fish and shellfish, Florida’s aquaculture industry is diverse and ever changing to meet growing demand, but basic awareness of aquaculture and its career opportunities are still a critical need in K-12 classrooms,” said Commissioner Simpson. “By equipping Florida’s world-class educators with aquaculture knowledge, know-how, and in-classroom aquaculture systems, we can not only offer an engaging hands-on learning opportunity to our students, but we can help meet an increasing demand for skilled aquaculture professionals in Florida.”

FDACS’ Division of Aquaculture, in partnership with the Florida Aquaculture Association (FAA), is hosting this intensive 2-day, hands-on aquaculture education workshop focused on aquaculture education for K-12 science, technology, engineering and math (STEM) and agriculture educators in Florida. The workshop will be held June 20-21, 2024, at the University of Florida Indian River Research and Education Center in Fort Pierce, Florida. The training will provide Florida educators with all the knowledge and know-how to teach students about aquaculture and start their own aquaculture systems.

FDACS will also competitively award up to 12 full recirculating aquaculture systems, as well as several supplementary aquaponic system supplies to schools throughout the state of Florida.

The workshop is open to all K-12 science and agriculture educators in Florida. Interested teachers can learn more or complete an application for the workshop and awards by visiting the Division’s Education Page at FDACS.gov/Education/Aquaculture-Educator-Resources.

The deadline to submit applications is May 31, 2024, at 5 p.m. EST. Teachers must register in advance to attend the workshop.

Any questions related to the workshop or aquaculture education systems can be directed to [email protected].

For more information about Commissioner Simpson and the Florida Department of Agriculture and Consumer Services, visit FDACS.gov.

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visit FDACS website

This service is provided to you at no charge by Florida Department of Agriculture & Consumer Services.

Filed Under: Featured, Government, Industry, Leaders

PSC Customer Service Hearings Scheduled for Tampa Electric Company

Posted on May 28, 2024

FOR IMMEDIATE RELEASE:

Friday, May 24, 2024

 MEDIA CONTACT: (850) 413-6482

 

PSC Customer Service Hearings Scheduled

for Tampa Electric Company

TALLAHASSEE — The Florida Public Service Commission (PSC) will hold customer service hearings on Monday, June 10; Tuesday, June 11; and Thursday, June 13, for Tampa Electric Company (TECO) customers. In April, TECO filed a petition with the PSC for a rate increase.

Service hearings allow TECO’s customers to provide public comments on its rate request and its quality of service. The Commission will consider customer input when reviewing the utility’s request.

TECO customers wanting to speak before the Commission may register by:

·         using the online registration form, available on the PSC’s website under the Hot Topics;

·         calling the PSC at 1-850-413-7080;

·         emailing the PSC at [email protected]; or

·         registering at the venue.

Virtual and in-person service hearings are scheduled for the following times and locations:

Virtual Service Hearings

Monday, June 10, 2024

6:00 p.m.

Tuesday, June 11, 2024

2:30 p.m.

In-Person Service Hearing*

Thursday, June 13, 2024

10:00 a.m.

Hillsborough Community College – Brandon Campus

10451 Nancy Watkins Drive

BADM 116/117

Tampa, Florida  33619

*Spanish Interpreter will be available.

 

TECO provides electric service to approximately 844,000 customers in Hillsborough and portions of Polk, Pasco, and Pinellas counties.

Customers unable to participate can watch footage of the live meeting on the PSC’s website (click “Watch Live and Archived PSC Events” on our homepage).

For additional information, visit www.floridapsc.com.

Follow the PSC on X and LinkedIn.

Subscribe to the Commission’s YouTube channel for Consumer Tips and PSAs.

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Filed Under: Featured, Government, Industry

PSC Customer Service Hearings Scheduled for Duke Energy Florida, LLC

Posted on May 24, 2024

FOR IMMEDIATE RELEASE:

Friday, May 24, 2024

MEDIA CONTACT: (850) 413-6482

 

PSC Customer Service Hearings Scheduled for

Duke Energy Florida, LLC

 

TALLAHASSEE — The Florida Public Service Commission (PSC) will hold customer service hearings on Tuesday, June 11; Wednesday, June 12; and Tuesday, June 18, for Duke Energy Florida, LLC (DEF) customers. In April, DEF filed a petition with the PSC for a rate increase.

Service hearings allow DEF’s customers to provide public comments on its rate request and its quality of service. The Commission will consider customer input when reviewing the utility’s request.

DEF customers wanting to speak before the Commission may register by:

·         using the online registration form, available on the PSC’s website under Hot Topics;

·         calling the PSC at 1-850-413-7080;

·         emailing the PSC at [email protected]; or

·         registering at the venue.

 Hybrid (in-person/virtual) and in-person service hearings are scheduled for the following times and locations:

 

In-Person/Virtual

Tuesday, June 11, 2024 *

9:30 a.m.

Betty Easley Conference Center

Joseph P. Cresse Hearing Room (Room 148)

4075 Esplanade Way

Tallahassee, Florida  32399

In-Person

Wednesday, June 12, 2024

10:00 a.m.

Citrus County Auditorium

3610 S. Florida Avenue

Inverness, Florida  34450

 

Wednesday, June 12, 2024*

6:00 p.m.

Parks and Conservation Resources

Magnolia Room

12520 Ulmerton Road

Largo, Florida  33774

In-Person/Virtual

Tuesday, June 18, 2024*

6:00 p.m.

Betty Easley Conference Center

Joseph P. Cresse Hearing Room (Room 148)

4075 Esplanade Way

Tallahassee, Florida  32399

*Spanish language interpreter will be available.

DEF supplies electric service to approximately two million retail customers in Pinellas, Pasco, Orange, Osceola, and Seminole Counties.

Customers unable to participate can watch footage of the live meeting on the PSC’s website (click “Watch Live and Archived PSC Events” on our homepage).

For additional information, visit www.floridapsc.com.

Follow the PSC on X and LinkedIn.

Subscribe to the Commission’s YouTube channel for Consumer Tips and PSAs.

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Filed Under: Featured, Government, Industry

Leon County Woman Wins $1 Million Playing $5,000,000 Cashword Scratch-Off Game

Posted on May 24, 2024

FOR IMMEDIATE RELEASE

FRIDAY, MAY 24, 2024

 

CONTACT:

FLORIDA LOTTERY COMMUNICATIONS
(850) 487-7727
[email protected]

 

LEON COUNTY WOMAN WINS $1 MILLION PLAYING

THE $5,000,000 CASHWORD SCRATCH-OFF GAME

 

TALLAHASSEE – Today, the Florida Lottery (Lottery) announces that Anita Ervin, 61, of Tallahassee, claimed a $1 million prize from the $5,000,000 CASHWORD Scratch-Off game at Lottery’s Headquarters in Tallahassee. Ervin chose to receive her winnings as a one-time, lump-sum payment of $780,000.00.

Ervin purchased her winning ticket from Fair Price Food Store, located at 440 East Paul Russell Road in Tallahassee. The retailer received a $2,000 bonus commission for selling the winning Scratch-Off ticket.

Turn your love of words into a life-changing opportunity with the $5,000,000 CASHWORD Scratch-Off game! This $20 ticket comes packed with more than $239.6 million in total cash prizes and more than 5.4 million winning tickets! The game’s overall odds of winning are 1-in-2.91.

Scratch-Off games are an important part of the Lottery’s portfolio of games, comprising approximately 72 percent of ticket sales in fiscal year 2022-2023. Additionally, since inception, Scratch-Off games have awarded more than $61.9 billion in prizes, created 2,103 millionaires, and generated more than $18.95 billion for the state’s Educational Enhancement Trust Fund (EETF).

ABOUT THE FLORIDA LOTTERY

The Florida Lottery is responsible for contributing more than $46 billion to enhance education and sending more than 983,000 students to college through the Bright Futures Scholarship Program. The Florida Lottery reinvests 99 percent of its revenue into Florida’s economy through prize payouts, commissions to more than 13,500 Lottery retailers, and transfers to education. Since 1988, Florida Lottery games have paid more than $94.2 billion in prizes and made more than 4,000 people millionaires. For more information, please visit www.floridalottery.com.

# # #

Play Responsibly

Filed Under: Government, Industry

Florida Criminal Justice Executive Institute graduates 33 from the Senior Leadership Program

Posted on May 24, 2024

Florida Criminal Justice Executive Institute graduates 33 from the Senior Leadership Program

Graduates represent criminal justice agencies from across the state

For Immediate Release

May 24, 2024

 

TALLAHASSEE, Fla. – The Florida Criminal Justice Executive Institute (FCJEI) announces the graduation of the 26th Senior Leadership Program Class today at the Florida Department of Law Enforcement (FDLE). The 33 graduates represent criminal justice agencies from across the state.

 

The graduates met for six weeks over a 10-month period and attended classes on topics such as Risk Management, Trust-Based Leadership, and Futures Forecasting as it relates to criminal justice.

 

The goal of the Senior Leadership Program is to prepare Florida’s criminal justice leadership for the challenging and changing demands of the future. Class participants studied the trends and events that will challenge criminal justice professionals and the state in the new millennium and examined the leadership skills necessary to create and lead the changes that lie ahead.

 

In 1990 the Florida Legislature established the Florida Criminal Justice Executive Institute (FCJEI) to meet the need for an innovative and multifaceted approach to educating and training criminal justice professionals. The FCJEI is housed within the FDLE and is affiliated with the State University System.

 

For Further Information Contact:

FDLE Office of Public Information

(850) 410-7001

 

 

Graduates of Class 26

 

Lieutenant Nelson Andreu, Jr.

Miami-Dade Police Department

 

Lieutenant Jorge Audino

Miami-Dade Police Department

 

Shift Commander LaTonya Banks

Consolidated Dispatch Agency

 

Lieutenant Matthew Bos

Ocala Police Department

 

Lieutenant Christopher Butler

Santa Rosa County Sheriff’s Office

 

Captain Chad Cave

Hillsborough County Sheriff’s Office

 

Lieutenant John Cheek

Walton County Sheriff’s Office

 

Captain Matthew Dallarosa

Florida Fish and Wildlife Conservation Commission

 

Lieutenant Donald “DJ” Folley

Okaloosa County Sheriff’s Office

 

Director Katherine Gomez, PhD.

Florida Department of Juvenile Justice

 

Lieutenant William Gosch

Seminole County Sheriff’s Office

 

Lieutenant Donald Green

Lake County Sheriff’s Office

 

Captain Shawn Hankins

Escambia County Corrections

 

Lieutenant Jon Hepler

Fernandina Beach Police Department

 

Lieutenant James Horton

Florida Department of Law Enforcement

 

Deputy Circuit Administrator Anatrisha Jackson

Florida Department of Corrections

 

Captain Lenita King

Florida Highway Patrol

 

Lieutenant Debra Knighton

Pinellas County Sheriff’s Office

 

Lieutenant Domenico Laurenza

Orange County Corrections Department

 

Lieutenant Patrick McManus

Collier County Sheriff’s Office

 

Lieutenant Kenneth Miller

St. Petersburg Police Department

 

Lieutenant James Murphy

Clay County Sheriff’s Office

 

Lieutenant Marc Musser

Jacksonville Sheriff’s Office

 

Captain Latresha President

Broward Sheriff’s Office

 

Lieutenant William Reed

Lake County Sheriff’s Office

 

Captain Chad Rewis

Okaloosa County Sheriff’s Office

 

Lieutenant Lester Ricks

Clay County Sheriff’s Office

 

Lieutenant Felix Rodriguez

Marion County Sheriff’s Office

 

Assistant Warden William Rummel

Florida Department of Corrections

 

Captain Harold Schweinsberg

Florida Highway Patrol

 

Lieutenant Nathan Vore

Clay County Sheriff’s Office

 

Lieutenant Chasen Yarborough

Florida State University Police Department

 

Captain James Yetter

Florida Fish and Wildlife Conservation Commission

 

For Further Information Contact:

FDLE Office of Public Information

(850) 410-7001

Filed Under: Government, Industry

Fla.’s Housing Market: Closed Sales, Median Prices, Inventory Up in April

Posted on May 23, 2024

Contact: Marla Martin, Florida Realtors® Senior Media Relations & Communications Manager, or Jeff Zipper, Senior Vice President of Communications; 407/438-1400, ext. 2326 or 2314

 

Fla.’s Housing Market: Closed Sales, Median Prices, Inventory Up in April

 

ORLANDO, Fla., May 22, 2024 – Florida’s housing market in April showed more closed sales, more for-sale inventory, more new listings and higher median prices compared to a year ago, according to Florida Realtors®’ latest housing data.

“More active listings provide more options and more homeownership opportunities for buyers, which in turn helps encourage buyer demand,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “In time, having more available inventory could ease the pressure of rising prices; however, cautious buyers and sellers are still wary of high mortgage interest rates, which are hovering around 7%.”

Last month, closed sales of existing single-family homes statewide totaled 24,682, up 5.8% year-over-year, while existing condo-townhouse sales totaled 10,228, up 1.9% over April 2023. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Florida Realtors Chief Economist Dr. Brad O’Connor noted that while sales rose compared to the same time last year, they have not reached pre-pandemic levels.

“Closed sales remain lower than what we may have been used to prior to the pandemic, but they are holding fairly steady,” he said. “Meanwhile, prices continue to rise at a much more sustainable pace and options for buyers continue to expand.”

The statewide median sales price for single-family existing homes in April was $429,900, up 4.9% over April 2023, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $335,000, up 3.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

“As for the incoming supply of homes for sale, new listings of single-family homes remained elevated in both property type categories,” said O’Connor. “In April, new listings of single-family homes were up 25% compared to a year ago, although this level of new listings, while significantly greater than last year, is more in line with our typical pre-pandemic numbers. Similarly, new listings of townhouses and condos were up 24.2% year-over-year in April. But in this property type category, we are seeing a level of new listings higher than what we would have expected pre-pandemic.”

He said, “With new listings outpacing sales, and homes on the market a bit longer than a year ago, we have seen quite a bit of inventory growth in recent months here in Florida. You’re probably seeing lots of headlines about the state’s rapid rise in inventory but let’s put that in perspective. Single-family inventory is not quite back to the typical 2014-to-2019 level, but it’s getting close, while the condo-townhouse inventory is now over the typical level of inventory that we had in the years ahead of the pandemic.”

Still, Dr. O’Connor noted, “The fact that the measure of days on market is much more similar to what we saw immediately ahead of the pandemic or even below that level in some cases, gives us reason to be positive about our recent increase in inventory. This increase is going to ease price growth and allow for more opportunities for prospective buyers who were left in the cold when inventory was so low just a couple of years ago.”

On the supply side of the market, inventory (active listings) rose year-over-year with single-family existing homes at a 4.2-months’ supply in April, while condo-townhouse inventory was at a 6.9-months’ supply.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the April 2024 data report PDFs under Market Data.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to 238,000 members in 51 boards/associations. Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.

 

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Filed Under: Featured, Industry

OIR Provides Update on Florida’s Strengthening Property Insurance Market

Posted on May 21, 2024

ICYMI: OIR Provides Update on Florida’s Strengthening Property Insurance Market

TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (OIR) issued an update on the continued strengthening of Florida’s property and casualty insurance market, including that property insurance rate filings for 2024 show a downward trend for the first time in years, indicating the continued stabilization of the property insurance market. This news is a result of the continued prioritization of meaningful reforms to Florida’s property insurance market by Governor DeSantis, members of the Financial Services Commission, and the Florida Legislature.

The news follows the signing of House Bill 1611 by Governor DeSantis which institutes additional consumer protections to ensure OIR has the tools and authority necessary to maintain accountability within the market.

“As Insurance Commissioner, my top priority has been increasing protection for Florida’s consumers and today’s announcement demonstrates Governor DeSantis’ ongoing commitment to ensuring a strengthened and reliable insurance market for policyholders,” said Insurance Commissioner Michael Yaworsky. “I want to thank Governor DeSantis and bill sponsors Senator Trumbull and Representative Stevenson for their continued leadership and support as we work to regulate one of the most complex insurance markets in the world.”

Market Update

OIR continues to see overall market stabilization following the historic legislative reforms of 2022 and 2023 that enhanced protections for consumers, strengthened Citizens Property Insurance Corporation, and encouraged investment by insurers and reinsurers by providing clarity to the market and the risk they underwrite.

Rate Filings: Rate filings for 2024 show a slight trend downward for the first time in years, indicating stabilization of the property insurance market. Ten companies have filed a zero percent increase and at least eight companies have filed a rate decrease to take effect in 2024.

Reinsurance: The 2023 reinsurance market responded positively to these reforms. Early signs from the 2024 reinsurance purchasing season show further positive indications. Reinsurance is a direct and significant cost to consumers and relief in this area is a significant sign that the reforms are working.

Financial Strength: After years of consecutive underwriting losses, the insurers saw overall stability with many companies reporting a net profit in 2023.

Market Snapshot: As of Q4 2023, there are approximately 7.45 million residential insurance policies in force in the Florida property market.

  • 81% of those policies are written by admitted insurers, as opposed to Surplus Lines companies or Citizens Property Insurance Corporation.
  • Eight new companies have been approved to write homeowners policies in Florida since the reforms, and an additional company was acquired to expand its footprint in the state.

Citizens Property Insurance Corporation: Approximately 389k policies have been taken out of Citizens from January 2023 through March 2024.

Florida Leadership: Other states are looking at recent and historical Florida’s legislative reforms to strengthen their own markets.

  • HI (CAT Fund), GA (tort reform), LA (tort reform), are examples.
  • Florida has recently presented its reforms as a model at the National Association of Insurance Commissioners.

Market Research: OIR conducts market research across all lines of business, and partners with universities throughout the state to explore innovative ways to improve market outcomes and inform policy decisions.

Market Conduct: Multiple insurers have been held accountable for behavior that is in violation of Florida law.

The full market update can be found here.

House Bill 1611, signed by the Governor, enacts additional regulatory and consumer protection measures that further increase oversight and accountability in Florida’s property insurance market by:

  • Requiring insurers and insurer groups to file a specified supplemental data report, including zip code level data, on a monthly basis beginning January 1, 2025.
  • Prohibiting insurers from canceling and nonrenewing policies covering dwellings and residential properties damaged as a result of hurricanes or wind losses within 90 days after the dwelling or residential property has been repaired.
  • Including additional entities to be subject to OIR’s required market conduct examinations.
  • Requiring justification if certain models are used in rate filings to demonstrate that filed rates are reasonable, adequate, and fair.
  • Eliminating the statutory provision that allows Citizens Property Insurance Corporation (Citizens) to charge up to 50 percent above the established Citizens rate for policyholders whose coverage was last provided by an insurer determined to be unsound or place into receivership.

House Bill 1611 is the latest piece of legislation intended to strengthen consumer protections and OIR’s market regulation efforts. Following the passage of historic legislative reform, OIR has greater ability to enforce regulatory authority and has taken actions to increase market regulation compliance, including:

  • Initiating more than 50 market conduct investigations following Hurricane Ian to evaluate aspects of the claims handling process.
  • Publishing a quarterly Insurer Compliance Report to provide ongoing updates on OIR’s market regulation efforts, including recent filings and regulatory actions for companies found in violations of the state’s consumer protections and claims handling practices.

A listing of OIRs recent market regulation actions can be found here.


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 our website or follow us on X @FLOIR_comm.

Filed Under: Featured, Government, Industry

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