Regulation

The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.

The state’s legislature has published its reform bill to be debated in the special session this week with wide-ranging reforms to tackle high litigation costs.

The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.

Several structural factors, including the pricing cycle, make insurers more insulated from US activist states. 

The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital.

While Allstate may be beyond the worst of the reserve charges, execution of initiatives needs to go smoothly for it to get back on track.

Insurers have been keeping an eye out for discussions concerning property insurance market reforms in the state.

Prior to approval, the commercial carrier owned 47.3% of the Chinese insurance group.

Senior officials from the UK Treasury and Prudential Regulation Authority agreed measures with US Treasury officials to ensure transatlantic access to reinsurance is opened up.

A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.

The Federal Insurance Office seeks to collect underwriting data on homeowners’ insurance from carriers writing above $100mn in premium.

The rate increase was attributed to increased reinsurance costs during this year’s hurricane season.