Yesterday, I offered a rambling monologue on why Florida’s emergency rule limiting rate and nonrenewal activity on Florida residential insurance made some sense, and why insurers might feel a bit uncomfortable.
Today, I encountered this article at the South Florida Buisness Journal, which might have influenced my post a bit.
The Florida Office of Insurance Regulation said it has contracted with a consulting actuary to calculate property insurance rate reductions for Floridians. The reductions are required under the insurance bill the Legislature passed in January.
The OIR said J. Robert Hunter began his work on Wednesday. The former Texas insurance commissioner and current director of the Consumer Federation of America is to determine rate reductions all Florida residential property insurers will have to adopt. [...]
Consumer advocate Bob Hunter has mentioned a few times previously in this blog (e.g. here, here, and here).
The implications are left as an exercise for the reader.