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Regulatory Update

Wildfires proposed regulation and proposed cap raise for Citizens in Florida.
  • October 2022

Wildfires: California's insurance commissioner is seeking approval for insurance pricing regulation he said will recognize and reward wildfire safety and mitigation actions undertaken by homeowners and businesses.

“Providing a premium discount to consumers for risk reduction that is not based on actual risk reduction is concerning, and mandating such a discount is even more problematic. Additionally, a one-size-fits-all approach to regulating insurance, especially when insurers are not allowed to use modern risk assessment models, is not good for the marketplace,” said National Association of Mutual Insurance Companies Western region Senior Vice President Christian Rataj.

Homeowners Insurance: The Florida Office of Insurance Regulation is looking into whether it's time to raise the cap on Citizens Property Insurance Corp. insuring Florida homes more than $700,000 in value. Citizens will insure a home up to $700,000, except in Miami-Dade and Monroe counties, which includes the Florida Keys. Homes there can be insured up to $1 million, Susanne Murphy, OIR deputy insurance commissioner for property &casualty and a member of Citizens' Market Accountability Advisory Committee, said.

“We are looking at whether there is evidence to support a finding that there's a lack of competition in other counties,” Murphy said. A lack of competition within a county is the standard that must be met for the higher coverage level to be applied, she said.

 



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