The Florida legislature has approved legislation setting out new insurer solvency requirements while also requiring individuals to disclose information about any affiliated company.

Sponsored by Senator David Simmons (R-Altamonte Springs) and Representative Clay Ingram (R-Pensacola), the bill (SB 1308) closely follows a National Association of Insurance Commissioners (NAIC) model act developed after the 2008 financial crisis.

The bill touches on a number of areas with the goal of streamlining the regulatory oversight. It provides regulators with more information to determine an insurer’s overall financial status.

Florida Insurance Commissioner Kevin McCarty said the bill would help protect policyholders by ensuring that insurers are properly capitalized.

Central to the bill is a provision that requires holding companies to disclose information about their operations. A holding company must annually provide a risk report to regulators. The report must contain detailed information about the firm’s business plan, developments in its risk management programs and any rating agency information.

Insurers also file annual reports with actuarial opinions on reserves and actuarial summaries.

The bill also sets out new reporting requirements related to individuals divesting their financial position in a company or investing in a company.

Among the changes are the revised definition of a controlling person as one having 10 percent of the ownership or interest in an insurer. Previously, an individual needed to have 25 percent ownership or interest of an insurer.

Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well. Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2014/05/04/328025.htm

The Florida Senate on Friday voted 22-16 for a property insurance bill that could result in homeowners seeking coverage from Citizens to be shifted to a private surplus line insurance company. Surplus line companies are not subjected to the same regulations as companies based in the state.

Several senators objected to the legislation, including Republicans who live in areas with heavy concentrations of customers with the state-created Citizens.

“We have insurance regulation in the state of Florida for a good reason,” said Sen. Jeff Clemens, D-Lake Worth. “It’s to make sure consumers in Florida aren’t being taking advantage of.”

The Senate bill (SB 1672) would add surplus line insurers to those insurers that could be offered business through the clearinghouse starting in January.

Sen. David Simmons, R-Altamonte Springs, defended the bill and said it would give homeowners another choice for coverage. He said homeowners would be told ahead of time that the surplus line insurers are not regulated the same way as other insurers.

Simmons added that homeowners would also be allowed to move back to Citizens after receiving coverage from the surplus line insurer. He also noted some Floridians already insure their homes with these type of insurers.

Fort Lauderdale customers are among those that could be affected by this as well as Tampa residents in the Sinkhole areas. Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, and Life & financial products as well. Please enjoy the full article below.

http://www.insurancejournal.com/news/southeast/2014/04/28/327411.htm

Since Florida is a donor state which means we pay more than what goes out, a private market solution may be possible according to Florida Senate Banking and Finance committee chair David Simmons. This will take some time and into next year, but at least all options are being considered! Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, and Life Insurance & financial products as well. Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2013/10/11/307908.htm

Senator David Simmons of Altamonte Spring added some changes which totally make the bill ineffective to what was intended. Now that a bill was passed, the House of Representatives  now has to vote, but with only days left in the session, it is not lilely that a bill can be pushed out in time to pass and be sent to the Governor to sign. No bill means no change to the norm we have had. The norm is rate hikes with no end, and in Fort Lauderdale this has been real hard on many. It seems this may all be for naught and our Legislators will go home with no clue what to do next. What we really need is to stop playing the party line and do things for the consumer to make it easier to live here in South Florida.The Real Estate market needs prices of Home Insurance to stabalize and that does not seem likely. Till then no deal so please read the full article below. Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & COmmercial, and Life Insurance quotes as well.

http://www.insurancejournal.com/news/southeast/2013/04/26/289915.htm