November 26, 2019
Happening This Week
Thanksgiving Hours
We wish you a happy and safe Thanksgiving holiday.
FSLSO will be closed:
Thursday, November 28
and
Friday, November 29
Regular business hours will resume on Monday, December 2.
Spotlight On:
Filing Policy Extensions & Renewals
We understand the nature of certain risks necessitates that policies may need to be extended rather than renewed depending on the circumstance.
If the policy period is being extended for 365 days or more and all original terms and conditions remain, we ask that the endorsement be filed as a renewal transaction in SLIP, not an additional premium transaction as to keep up with any changes in the Service Office fee or any applicable assessments for the new annual period. The insurer is not required to issue a renewal policy, this is for reporting purposes only.
For example, the original policy term is 1/1/2018-1/1/2019. An endorsement is issued that extends the policy expiration to 1/1/2020. We ask that you file the endorsement extending the expiration date to 1/1/2020 as a renewal in SLIP.
The exception to this rule is when the endorsement is an extended reporting period (ERP) endorsement also known as "tail coverage." These endorsements are typically associated with claims made liability policies. When submitting ERP endorsements in SLIP, please file the endorsement within the original policy term and do not extend the expiration date.
Headlines
Citizens CEO Notes Impact of AOB Reforms as New Rates to Take Effect in Florida
The head of Citizens Property Insurance Corp. says it is already seeing a difference in assignment of benefits (AOB) litigation since reforms passed by the Florida Legislature took effect in July. Meanwhile, many Citizens policyholders may see premium relief from the new law, as the insurer’s post-AOB reform rates will take effect next month.
Irma Loss Creep Still Evident, but Reinsurance Impact Slowing
Loss creep from hurricane Irma has remained evident for the major insurers operating in Florida in the third-quarter of the year, but the impact to reinsurance markets is slowing and the Florida Hurricane Catastrophe Fund (FHCF) has been soaking up much of the new claims inflation, at least from larger players.
Senate Votes to Extend NFIP Until Dec. 20
An extension to the National Flood Insurance Program until Dec. 20 was approved by the Senate on Thursday on a 74-20 vote as part of an ongoing spending measure that the House of Representatives approved 231-192 on Wednesday.
Senators Grill Safety Regulator Over Self-Driving Cars
Senators on Wednesday grilled the nation's top transportation safety regulators over their efforts to approve rules for the growing self-driving car industry.
AM Best Analyst: 2019 Catastrophes Likely to Dent Reinsurance Earnings
AM Best Senior Financial Analyst Mariza Costa discusses how three straight years of catastrophe losses are likely to dampen reinsurers' third-quarter earnings.
AM Best Analysts: ID Theft Insurance Evolving
Identity theft coverage could evolve into standalone personal cyber insurance, said Samuel Hanig, senior industry analyst, and Helen Anderson, associate analyst, both of AM Best.
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