Florida’s Insurance Commissioner, Michael Yaworsky, has highlighted significant achievements in 2023 aimed at fostering a stable and competitive insurance market for the state’s policyholders.
The accomplishments were made in conjunction with the implementation of bold reforms advocated by Governor DeSantis and the Florida Legislature to address litigation, enhance consumer choice, and ensure the market’s long-term stability.
The Office of Insurance Regulation (OIR) approved seven company actions to boost competition, including the entry of six property & casualty insurers into Florida’s market and the acquisition approval of an existing company expanding its footprint in the state.
OIR continues efforts to attract insurance-related companies, jobs, and capital to the Florida insurance market.
The Prescription Drug Reform Act (SB 1550) was implemented in May to increase transparency and accountability in Florida’s prescription drug market. OIR reinforced updated requirements to Pharmacy Benefit Managers (PBMs) operating in the state, ensuring compliance with the new regulations.
Governor DeSantis signed three bills in May, enhancing consumer protections within Florida’s property insurance market. These measures include clarifications on deductible applications, tolling claim filing periods for deployed individuals, updating mitigation discounts, and increasing penalties for insurers not following proper claims handling practices.
OIR saw increased participation in the Citizens Property Insurance Corporation (Citizens) Depopulation Program, approving insurers to assume 650,399 policies from Citizens in 2023 – an over 800 percent increase from the previous year.
Florida’s businesses are set to benefit from a seventh consecutive year of reduced workers’ compensation insurance rates. Commissioner Yaworsky approved a 15.1 percent statewide rate decrease for 2024, lowering insurance costs for employers.
Commissioner Yaworsky emphasised the commitment to OIR’s mission of promoting stability and competition in the challenging insurance market, highlighting the state’s continuous efforts to encourage business development, attract insurers, and safeguard consumer interests.
