The Florida Office of Insurance Regulation has suspended and activated certain insurance rules and statutes for the health, safety, and welfare of Florida’s policyholders in the aftermath of Hurricane Irma, according to an emergency order from Insurance Commissioner David Altmaier issued at the direction of Governor Rick Scott.
The order, issued Sept. 13, includes many provisions including requiring insurers to provide an additional 90 days to policyholders to supply information to their insurance company; prohibiting insurance companies from canceling or non-renewing policies covering residential properties damaged by the hurricane for at least 90 days; and freezing any and all efforts to increase rates on policyholders for 90 days.
Personal residential and or commercial residential property insurance policies covering a dwelling or residential property located in Florida that have been damaged as a result of Hurricane Irma may not be canceled or nonrenewed until 90 days after the dwelling or residential property has been repaired.
All notices of cancellation issued or mailed on or after Aug. 25, 2017 through and including Sept. 3, 2017 covering a person, property or risk in Florida are to be withdrawn and reissued to insureds after Oct. 15, 2017, the order further states.
Under miscellaneous provisions, the order says that given the strength and size of Hurricane Irma and its catastrophic effect across Florida, there will be a potential impact on hundreds of thousands of policyholders, and OIR expects all insurers and regulated entities to “implement processes and procedures to facilitate the efficient payment of claims.” This includes “critically analyzing current procedures and streamlining claim payment processes as well as using the latest technological advances to provide prompt an efficient claims services to policyholders.”
The full order can be found here.
Source: Florida Office of Insurance Regulation