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New insurance companies in Florida must be approved by the Office of Insurance Regulation (OIR), which reviews the firm's business plan, projections and financial condition. The judgment of the OIR has been questioned because six of the 18 companies licensed to write "takeout" policies between 2007 and 2011 failed, even though Florida had no ...
After some Florida insurance companies were accused of shortchanging customers’ claims after Hurricane Ian last year, Gov. Ron DeSantis and state regulators are warning insurance companies to ...
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Demotech downgraded FedNat’s FSR from A to S in April 2022 and withdrew its rating in August — this company was also declared insolvent by the Florida Office of Insurance Regulation on ...
Traditional companies such as AM Best, Moody's Investors Service, Standard and Poor’s, and Fitch Ratings do rate insurance providers, but typically only large national companies. [4] Demotech was founded in 1985 [ 1 ] [ 2 ] to provide financial analysis of, and actuarial services for, niche markets ignored by Big Three (credit rating agencies) .
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
In late August, FIGA’s board and the Florida Office of Insurance Regulation (OIR) approved a .7 percent assessment to help cover the costs of open claims associated with the liquidated companies ...
Florida Department of Financial Services (FLDFS) is a state agency of Florida. Its headquarters are in Tallahassee . [ 1 ] In 2002 the Florida Legislature merged the Department of Insurance, Treasury and State Fire Marshal and the Department of Banking and Finance into one department, the Florida Department of Financial Services.