- Florida Office of Insurance Regulation Issues 2013 Optional Underwriting Profit and Contingency Factors
- December 13, 2013
- Law Firm: Colodny Fass Talenfeld Karlinsky Abate Webb P.A. - Fort Lauderdale Office
In an Order to all property and casualty insurance carriers from Florida Insurance Commissioner Kevin McCarty issued December 2, 2013, the Florida Office of Insurance Regulation ("OIR") updated underwriting profit and contingency factors, pursuant to Rule 69O-170.003, that insurers may use in rate filings.
The Rule requires the OIR to establish appropriate factors by annual statement lines or classes for insurers to use in calculating investment income when they are unable to produce credible or appropriate data themselves.
These factors will remain in effect until a future Order supersedes them.