The Florida Office of Insurance Regulation has contracted withconsulting actuary J. Robert Hunter to calculate property insurancerate reductions. The reductions are required under the insurancebill the legislature passed in January.

The former Texas insurance commissioner and current director ofthe Consumer Federation of America is to determine rate reductionsall Florida residential property insurers will have to adopt.Assisting Hunter will be reinsurance specialist and consultant PaulWalther.

“The body of work Bob has put together over the years islegendary,” Florida Insurance Commissioner Kevin McCarty said. “Heis truly one of the great minds on issues surrounding the insuranceindustry, and I am grateful we were able to attract him to Floridato take on this very important project.”

The OIR had a March deadline to calculate a presumed factor forrate reductions. After the OIR publishes the presumed factor, eachresidential property insurer has to file a rate change reflectingthe presumed factor for insurance policies written or renewed on orafter June 1. Insurers cannot cancel or decline to renewresidential property insurance policies until they make thesefilings.