The McCarran-Ferguson Act declares that the business of insurance shall be subject to regulation and taxation by the states. Here are links to agencies, laws, task forces, and committees that regulate Florida's insurance industry.
- Florida Office of Insurance Regulation (FOIR)
Housed within the Florida Department of Financial Services, FOIR is responsible for regulation, compliance and enforcement of the statutes related to the business of insurance.
- Florida Law (TITLE XXXVII)
The statutes governing Florida's insurance industry.
- Florida Legislature
The Florida Legislature writes and passes the laws that govern the state's insurance industry.
- 2015 Proposed Legislation Related to Property Insurance in Florida
Allowing the State's OIR to use an average of model results, rather than a particular model or method to estimate hurricane losses.
Allowing assessments by the Florida Insurance Guaranty Association to count as assets in determining the financial health of an insurer.
Assignment of post-loss insurance policy benefits.
Eligibility for Coverage by Citizens Property Insurance Corporation.
Citizens Property Insurance Corporation.
Windstorm Premium Discounts.
Requiring the state to transfer out of the Florida Hurricane Catastrophe Fund's investment income either $1 million or 35 percent of the total minus $10 million, whichever is less, to fund the Florida Catastrophic Storm Risk Management Center.
- 2014 Proposed Legislation Related to Property Insurance in Florida
SB 0228 Florida Hurricane Catastrophe Fund (FAILED)
SB 346 Florida Insurance Guaranty Fund (FAILED)
SB 362 Hurricane Preparedness, Sales Tax Exemption (FAILED)
SB 416 Sinkhole Coverage (FAILED)
SB 542 Flood Insurance (PASSED)
HB 565 Insurance (FAILED)
SB 610 Florida Hurricane Catastophe Fund (FAILED)
SB 708 Insurance Claims (PASSED)
SB 774 Windstorm Insurance Coverage (FAILED)
CS/SB 1274 Citizens Property Insurance
CS/SB 1326 Emergency Management (FAILED)
SB 1672 Property Insurance (PASSED)
SB 7062 Citizens Property Insurance Corporation Coverage (FAILED)
- 2013 Proposed Legislation Related to Property Insurance in Florida
SB 1770 Relating to Property Insurance (PASSED)
HB 1107 Relating to Florida Hurricane Catastrophe Fund (FAILED)
- National Association of Insurance Commissioners (NAIC)
The NAIC is the organization of insurance regulators from the 50 states, the District of Columbia and the five U.S. territories. The NAIC addresses the need to coordinate regulation of multistate insurers.
- Task Forces, Committees & Studies
- Issues Relating to Sinkhole Insurance (Florida Senate Interim Report 2011-104)
- A Study of Private Capital Investment Options and Capital Formation Impacting Florida's Residential Insurance Market
This 2006 State Board of Administration study looked at viable sources of private capital and how to increase the flow of private capital into Florida's residential property insurance market.
- Briefing Materials - Florida Residential Property and Casualty Joint Underwriting Association, October 1996
- Bringing Stability to a Market in Crisis: An Overview of the FRPCJUA, 1992-2000 - This report was produced by the Florida Residential Property and Casualty Joing Underwriting Association.
- Citizens Property Insurance Corporation Mission Review Task Force ;
Final Report -This 2008 task force was created to develop a report setting forth the statutory and operational changes needed to return Citizens to its former role as a state- created, noncompetitive residual market mechanism that provides property insurance coverage to risks that are otherwise entitled but unable to obtain such coverage in the private insurance market.
- Florida Commission on Hurricane Loss Projection Methodology
The commission was created by the Legislature as an independent panel of experts to evaluate computer models and other recently developed or improved actuarial methodologies for projecting hurricane losses. The commission's Windstorm Mitigation Committee is reviewing insurance discounts for wind mitigation. See the February 1, 2010, draft report.
- Florida Property and Casualty Insurance Reform Committee (web link no longer available)
This committee was created in 2006 to provide a forum to discuss the problems plaguing the insurance market and Florida's citizens as well as to offer recommendations to stabilize the industry. See the Final Recommendations and the Nov. 15 2006, Interim Report.
- House of Representatives Committee on Insurance This 2008 committee, chaired by Rep. Donald D. Brown (R), hosted a series of workshops and presentations on property insurance and hurricanes.
- Joint Select Committee on Hurricane Insurance
See the final report for this 2005 committee, which was directed to study all aspects of the property insurance market that promote availability and affordability of coverage.
- Legislative Working Group on Residual Property Insurance Markets
See the 1996 Final Report.
- Senate Select Committee on Property Insurance Accountability
The purpose of this 2008 committee was to take testimony from property and casualty insurance company executives about their pricing practices. See the Final Report.
- Restoring Florida's Paradise: Final Report of the Academic Task Force on Hurricane Catastrophe Insurance
This 1995 report was the product of a task force that was directed to “review the system of Florida residential property insurance markets, the Florida Hurricane Catastrophe Fund, the Florida voluntary residential property insurance market, and the international reinsurance market, and make recommendations as to how said system can be best coordinated and/or restructured to ensure” adequate hurricane catastrophe insurance is available and affordable to Floridians.
Title Page & Table of Contents; Executive Summary; Introduction; Recommendations; Key Findings; Appendix I; Appendix II-IV; Appendix V-VI; Appendix VII;
- Task Force on Citizens Property Insurance Claims Handling and Resolution
This task force was created in 2007 to work with Citizens Property Insurance Corporation to understand why so many consumers asked to have their claims for damages from the 2004-2005 hurricanes re-opened in 2007. See the Final Report.
- Task Force on Long-Term Solutions for Florida’s Hurricane Insurance Market
Created in 2005, this task force was charged with gathering information and making recommendations for ways to ensure that hurricane insurance is available for Floridians. See the Final Report.
- Windstorm Mitigation Study Committee
Created in 2007, this committee analyzed short- and long-term solutions and programs that address the state’s need to immediately and effectively mitigate homes against hurricanes. See the Final Report.
About Homeowners Insurance
- Help Finding Insurance
This Florida Office of Insurance Regulation site is intended to be a starting point to help you compare rates and to demonstrate the importance of shopping around for the best policy to provide the coverage and terms you need to protect your home.
- Florida Market Assistance Plan
This free referral service, created by the Florida Legislature in 1985, matches consumers with Florida licensed agents and insurers who are writing new business.
- Hurricane and Windstorm Deductibles
To limit their exposure to losses from hurricanes, many insurers are selling homeowners insurance policies with percentage deductibles for storm damage instead of the traditional dollar deductibles. Learn more about these deductibles from the Insurance Information Institute.
- If Disaster Strikes, Will You Be Covered? A Homeowner's Guide to Natural Disasters
Produced by The Actuarial Foundation and the Federal Alliance for Safe Homes, this online guide explains insurance basics, coverage choices, availability, ways to reduce premiums and more. Also available as a PDF download.
- About Reinsurance
Reinsurance, which is insurance for insurance companies, plays a complex role in insurance pricing. Learn more from the Insurance Information Institute.
- Citizens Property Insurance Corporation
Citizens Property Insurance Corporation was created by the Legislature in 2002 to offer property coverage to Floridians without private insurance options. Here is a comprehensive overview of Citizens provided to the October 10, 2008, meeting of the Citizens Mission Review Task Force. Also, see a slide presentation and learn about Citizens' Assessments.
- Florida Hurricane Catastrophe Fund
The purpose of the Cat Fund is to provide a stable and ongoing source of reimbursement to insurers (reinsurance) for a portion of their catastrophic hurricane losses. Learn about the Cat Fund's Emergency Assessments.
- Florida Insurance Guaranty Association
Created by legislation, the Association handles the claims of insolvent property and casualty insurance companies. Learn about FIGA's Emergency Assessments.
- Assessment Calculator
Learn how much your total assessments could be for a major hurricane from this tool provided by the Florida Office of the Insurance Consumer Advocate.