The Florida Office of Insurance Regulation (OIR) has announced measures to ensure Florida insurers are well-equipped to handle claims in the wake of catastrophic events. As part of their compliance efforts, each authorized residential property insurer must possess a claims-handling manual that adheres to the provisions set forth by Florida law.
By August 1, 2023, every insurer must submit an attestation confirming the creation and utilization of claims-handling manuals that meet the standards outlined in the Florida Insurance Code.
These manuals should align with the industry's minimum, usual, and customary practices for handling claims. Additionally, insurers are required to maintain sufficient resources to implement their claims manual procedures, and promptly respond to claim requirements during natural disasters and other catastrophic incidents.
To ensure ongoing compliance, the same or a similar attestation must be submitted annually by May 1 of each subsequent year through the Insurance Regulatory Filing System (IRFS).
Furthermore, the OIR has the authority to request copies of these claims-handling manuals from insurers. Upon such a request, insurers must provide the manuals within five days, along with an attestation on a prescribed form provided by the OIR.
The primary goal of these measures is to safeguard the interests of Floridians affected by catastrophic events. The OIR stands committed to using its regulatory power to protect policyholders before, during, and after any disaster. Insurers failing to meet these expectations may face regulatory action.
The OIR urges insurers to act promptly and adhere to the prescribed guidelines to guarantee efficient and effective claims handling during times of crisis.
