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Regulators OK private insurers to assume Citizens Insurance policies

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State regulators cleared three private insurance companies to assume policies now provided by Citizens Property Insurance Corp., Florida’s state-run insurer of last resort. Effective in February, Avatar Property and Casualty Insurance Co. can take nearly 11,000 commercial and personal residential policies. Safepoint Insurance Co. was cleared to accept 15,000 policies, and Southern Oak Insurance Co. can remove 15,000. The Florida Office of Insurance Regulation announced the take-outs Wednesday and offers details on this webpage. The move came as Citizens Board…

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AIF emphasizes job-killing aspect of Florida’s workers’ comp increases

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Business leaders emphasized the risk rising workers’ compensation costs pose to Florida’s economic competitiveness during an Associated Industries of Florida-sponsored discussion Monday. “There are other governors competing against our governor for the next plant, the next manufacturing facility, the next high-tech jobs,” said Tom Feeney, president and chief executive officer of the business lobby. “They are suddenly able to use our workers’ compensation situation against Florida, the same way our governor uses high taxes and high regulations that other states…

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Insurance office appeals ruling blocking workers’ comp premium hike

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The Florida Office of Insurance Regulation has appealed a trial court ruling blocking a 14.5 percent increase in workers’ compensation insurance premiums, putting that ruling on hold pending review by a state appeals court. The office filed its notice of appeal Monday with the 1st District Court of Appeal. Leon County Circuit Judge Karen Gievers ruled on Friday that the National Council on Compensation Insurance, or NCCI, which proposes rates for workers’ compensation insurers in Florida, failed to open its deliberations to…

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Judge voids 14.5 percent workers’ comp rate increase

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A circuit court judge Wednesday struck down a 14.5 percent increase in workers’ compensation insurance rates due to begin taking effect next month, ruling that a ratings agency violated the Sunshine Law in preparing its rate proposal. Judge Karen Gievers said the National Council on Compensation Insurance, or NCCI, failed to open its deliberations to the public or provide its data to an actuarial expert retained by the plaintiff in the case. Since NCCI was acting as an agent of the Florida Office of Insurance…

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Hurricane Matthew insurance claims climb to $606 million

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Hurricane Matthew-related insurance claims have surpassed 100,000, with losses valued at $606 million. According to information posted on the Florida Office of Insurance Regulation website Monday morning, the total claims filed as of Friday totaled 100,589. They included 85,473 residential property claims; 4,872 for commercial property; and 4,245 involving federal and private flood insurance. Claims still pending totaled 57,605. Volusia County accounted for the most claims, at 29,094. Next came Duval County, at 16,205; Brevard at 12,899; and St. Johns…

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David Altmaier promises active role in workers’ compensation debate

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The Florida Office of Insurance Regulation has no plans to draft its own legislative fix for rising workers’ compensation rates, but that doesn’t mean regulators are ignoring the problem, Insurance Commissioner David Altmaier said Wednesday. “We expect to be actively involved in that conversation,” Altmaier told reporters as his office’s biannual industry conference wound down. “We are going to have opinions on how potential legislation protects injured workers and how they access the workers’ comp market and things of that…

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Flood insurance chief concedes his program failed to put customers first

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The head of the National Flood Insurance Program conceded Tuesday the program has stumbled in responding to natural disasters, but said he has already begun changes intended to emphasize service to its customers. “If you want to know where the National Flood Insurance Program has stumbled, its when we no longer put the customer first,” said Roy Wright, deputy associate administrator for insurance and mitigation at the Federal Emergency Management Agency. “At some point the program focused on the companies,…

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