Category(s): - 07/26/2025

The industry reported a net combined ratio of 96.5% in 2024. A combined net ratio of less than 100% indicates an underwriting profit, meaning insurers made more from premiums than they paid in claims. Click <a href="https://insurancenewsnet.com/oarticle/pc-insurers-logged-their-best-year-in-a-decade-while-consumers-chased-cheaper-rates-insurify
" target="_child">here</a> to read more.

Category(s): - 07/25/2025

The final version of the Trump administration’s domestic agenda bill, known colloquially as the “Big Beautiful Bill”, which President Trump signed on July 4, 2025, does not contain the 10-year moratorium on states creation of new, and enforcement of existing, state laws regulating artificial intelligence that was a feature of the original House of Representatives’ version of the bill, keeping open the ability of states to regulate the use of artificial intelligence in the insurance industry and avoiding a McCarran-Ferguson Act show-down on the issue. The NAIC had objected to the originally proposed moratorium in its June 4, 2025 letter to certain U.S. Senate leaders.  Click <a href="https://www.insurereinsure.com/wp-content/uploads/sites/919/2025/06/government-affairs-letter-ai-moratorium.pdf
" target="_child">here</a> to read more.

Category(s): - 07/26/2025

The Insurance Journal reports that “[t]his marks the eighth consecutive year that the workers’ comp line held a combined ratio below 90, according NCCI, an organization that provides analysis and recommendations on workers’ comp loss costs and rates in 38 states.”  
Click <a href="https://www.insurancejournal.com/news/national/2025/05/15/823850.htm" target="_child">here</a> to read more.

Category(s): - 07/26/2025

On July 11, 2025, the CDI issues a Notice extending the declaration of emergency in connection with the January fires in Los Angeles for 180 days.  The extension of the declaration of emergency allows insurers to utilize unlicensed adjusters under certain circumstances to facilitate the timely processing of claims.  Click <a href="https://www.insurance.ca.gov/0250-insurers/0300-insurers/0200-bulletins/bulletin-notices-commiss-opinion/upload/180-Day-Extension-of-Declared-Emergency-Situation-Los-Angeles-Area-Fires.pdf" target="_child">here</a> to read more.

Category(s): - 07/26/2025

On June 18, 2025, the CDI issued Bulletin 2025-11 reminding all insurers that negotiated or mutually-agreed-upon rates, retroactive rating plans, LRAROs (Large Risk Alternative Rating Options), or consent-to-rate arrangements violate the prior approval provisions of Proposition 103. However, the Department may approve such arrangement if its specific rating factors or formulas satisfy the prior approval provisions.  Click <a href="https://www.insurance.ca.gov/0250-insurers/0300-insurers/0200-bulletins/bulletin-notices-commiss-opinion/upload/Bulletin-2025-11.pdf" target="_child">here</a> to read more.

Category(s): - 07/26/2025

On June 13, 2025, Florida Governor Ron DeSantis signed House Bill 1549 into law with an effective date of July 1, 2025.  The bill repeals the requirement for a diligent effort when placing business in the surplus lines market. Reportedly, four other states do not require that an agent make a diligent effort before exporting a policy to a surplus lines insurer, and nineteen states require the agent obtain at least three declinations from authorized insurers before exporting a policy to a surplus lines insurer.  Other provisions of the eligibility to export law remain unchanged.  Additionally, the bill introduces new language that must be included on the disclosure form which the insured is required to sign, which states: “Surplus lines insurers’ policy rates and forms are not approved by any regulatory agency.”  If the insured signs the acknowledgment of this disclosure, it is presumed that the insured has been informed and is aware that alternative coverage options are available. Click <a href="https://www.flsenate.gov/Session/Bill/2025/1549" target="_child">here</a> to read more.

Category(s): - 07/26/2025

The Florida Hurricane Catastrophe Fund, a vital reinsurance program, is projected to have a borrowing capacity of $7.8 billion over the next 0-12 months and $6.7 billion over the subsequent 12-24 months. This projection, which includes cash available to pay claims during the 2025 storm season, was detailed in a report approved on May 12, 2025, by the FHCF panel responsible for overseeing the program. 
Click <a href="https://www.wuwf.org/florida-news/2025-05-13/cat-fund-cash-estimate-tops-6-7b" target="_child">here</a> to read more.

Category(s): - 07/26/2025

On June 23, 2025, Florida Governor Ron DeSantis signed House Bill HB 655, sponsored by Rep. Kaylee Tuck. On this day, Governor DeSantis also signed Senate Bill SB 1226, sponsored by Senator Nick DiCeglie, into law. These laws, which will go into effect on January 1, 2026, will require pet insurers to disclose whether policies exclude coverage for issues like chronic and pre-existing conditions, as well as require pet insurers to provide information regarding claim payments and benefit schedules. Click <a href="https://insurancenewsnet.com/oarticle/new-florida-law-brings-transparency-to-pet-insurance
" target="_child">here</a> to read more.

Category(s): - 07/26/2025

On June 23, 2025, Governor DeSantis signed into law the Condominium and Cooperative Associations bill, which went into effect on July 1, 2025. The new law will require condominiums and other covered communities to have adequate property insurance for full insurable value as determined by an independent insurance appraisal or an update of a previous appraisal. Click <a href="https://f.datasrvr.com/fr1/225/34874/Florida_Legislature_passes_condominium_reform_legislation.pdf
" target="_child">here </a> and <a href="https://www.thecentersquare.com/florida/article_70541e91-dd17-41cb-af74-92423081aa1d.html " target="_child">here </a> to read more.

Category(s): - 07/26/2025

The Florida Association of Insurance Agents (FAIA) named Greg Thomas as Director of Professional Development, effective June 2, 2025. Thomas recently worked at the Florida Department of Financial Services, where he held dual roles as Director of Insurance Agent & Agency Services and Director of Consumer Services. His responsibilities included oversight of insurance agent, agency, and adjuster licensing across Florida, as well as leadership of consumer call centers, alternative dispute resolution programs, and complaint resolution efforts. Click <a href="https://floridapolitics.com/archives/741033-personnel-note-faia-taps-greg-thomas-for-directorof-professional-development/" target="_child">here</a> to read more.