The Florida Cabinet met today, March 9, 2010, during which it considered Proposed Rule 69O-170.0155 for final adoption by the Florida Office of Insurance Regulation (“OIR”).

OIR Deputy Insurance Commissioner Belinda Miller presented the OIR agenda, which was approved with minimal discussion.

The approved amendments to Rule 69O-170.0155 will serve to modify two forms, OIR-B1-1802 and OIR-B1-1655, which are used respectively by home inspectors and insurance companies for providing information about windstorm mitigation features on residential properties.

Following approval of proposed Rule 69O-170.0155, Florida Chief Financial Officer Alex Sink requested the OIR to prepare a presentation on the State of Florida’s private property insurance market. 

Ms. Miller noted that 2009 insurer annual statements, which were due March 1, 2010, were recently received by OIR and the numbers look positive.  She also said that she welcomed the opportunity to report this to the Cabinet and added that many media reports on insurer financial statistics have been “wrong.”  For example, she said, a report that six insurance companies became insolvent during 2009 is inaccurate.

Commissioner of Agriculture and Consumer Services Charlie Bronson inquired about the status of Citizens Property Insurance Corporation, to which Ms. Miller responded that it is in good financial condition and has a $3.9 billion surplus.