Insurers today are in a highly competitive market. To receive greater market share, expansion to new locations and new business strategies may be required. Insurance takeouts are one such strategy in the state of Florida that...more
The Florida Legislature passed legislation this session that allows specialty limited sinkhole coverage. According to the Florida Office of Insurance Regulation, Florida has more sinkholes than any other U.S. state. As such,...more
Insurance companies that write property risks in Florida are getting in line to request approval from the Office of Insurance Regulation (OIR) for two key policy revisions intended to control losses from a water damage...more
Earlier this month, in Citizens Property Insurance Corp. v. Perdido Sun Condominium Association, Inc., No. SC14-185 (Fla. May 14, 2015), the Supreme Court of Florida held that the immunity from suit granted to Citizens under...more
REAL PROPERTY UPDATE - State-Created Entity/First-Party Bad Faith: immunity of Citizens, as provided in Section 627.351(6)(s), Florida Statutes, shields it from statutory first-party bad faith claims under Section...more
In 2002, the Florida Legislature created Citizens Property Insurance Company Corporation (Citizens) to make affordable insurance available to Florida citizens who were not otherwise able to obtain property insurance. In...more
Committee Substitute for Senate Bill 1770 (CS/SB 1770) passed by the 2013 Florida Legislature creates a “keep-out” clearinghouse to reduce the size and type of exposures insured by Citizens Property Insurance Corporation...more
The Florida Legislature will begin its 60 day annual regular session of passing new laws and regulations on March 5, 2013 and conclude on May 2, 2013. The major legislative issue areas the Florida Legislature will consider in...more
On September 7, Citizens Property Insurance Corporation's Board of Governors approved — subject to formal approval by the Florida Office of Insurance Regulation — a Surplus Note Depopulation Program designed to encourage the...more