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Insurance Companies Drop Court Challenge on New Law
By Joseph Busby | March 1, 2007
Recently, newly elected Governor of Florida, Charlie Crist, helped to introduce a bill that attempts to stabilize the insurance market in the State. Gov. Crist focused heavily on property taxes and insurance rates during his campaign for Governor, and quickly worked to live up to his campaign promises. The new bill takes effect in July of ‘07, but Crist urged Office of Insurance Regulation (OIR) to issue an emergency order effective late January that would prevent any Carrier from Cancelling or Non-Renewing policies except for certain reasons, thus preventing Carriers from increasing premiums in the interim. However, the emergency order lacked clarification on many terms and a group of Companies filed suit to challenge the law. The OIR issued clarification and the Group dropped the court challenge with the new understanding. View the original article here.
Topics: Government, Insurance, Office of Insurance Regulation |