TAMPA BAY, Fla. — June 30 was the final day for Florida property insurance coverage firms who opted into the state’s Reinsurance Assistance Program (RAP) to file for price decreases.
The Florida Office of Insurance Regulation (FLOIR) database reveals 51 filings beneath the Senate Bill 2D RAP fund, from 44 separate firms.
This is $2 billion dollars made available during May’s special session to assist insurers receive sufficient reinsurance for the 2022 hurricane season.
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Under the invoice, this now implies that between this yr and 2023, these firms can have to scale back buyer’s premiums to mirror the corporate’s financial savings from this system.
This may very well be up to 4%, however one insurance coverage firm CEO stated its decrease can be nearer to 2%. The CEO added that premiums will nonetheless go up sooner or later due to how a lot it prices to get the remainder of their reinsurance packet from different monetary establishments.
Florida Office of Insurance Regulation
To view the filings, standing, and efficient dates, click here and comply with these steps:
- Click the “Advanced Search” tab on the high of the web page.
- Select “Property & Casualty”
- In the Keywords field enter “SB 2D: RAP Filing” and hit search.
We are nonetheless ready for information on the standing of all Florida firms acquiring reinsurance.