The Florida Office of Insurance Regulation said it has begun setting up a program for commercial property-casualty risks that cannot get wind damage coverage in the private market.

The Florida Financial Services Commission (FSC), consisting of Gov. Jeb Bush and cabinet members, gave preliminary approval Tuesday for the OIR to activate a standby commercial property and casualty Joint Underwriting Authority, or consider other options.

OIR Commissioner Kevin McCarty will report back to FSC on August 15th with a more defined set of rules.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.