Practice Areas
Regulation of Insurance Industry
The insurance industry is subject to strict regulation in the protection of the public interest. For example, the organization of an insurance company and the conduct of the business of writing insurance is subject to the conditions imposed by the state. In Florida, the Office of Insurance Regulation is responsible for the regulation, compliance and enforcement of statutes related to the business of insurance.
Insurance Rates
The power of states to regulate and control the business of insurance includes the power to regulate insurance rates, and to require the submission of documents or other data necessary to determine whether lawful rates have been proposed or are being charged. The power to regulate or review insurance rates may be delegated to a state insurance board or official. With respect to rates, however, such board or official has no power not conferred by the express letter or by reasonable construction of the governing statute.
Insolvency
An insurance company is considered insolvent when its assets are so depleted that they are insufficient for the payment of its debts. In Florida, the rehabilitation or liquidation of insolvent insurance companies is overseen by the Division of Rehabilitation and Liquidation of the Florida Office of Insurance Regulation.
