The Florida Office of Insurance Regulation has issued a new emergency rule (text of rule | press release) that seems to bring some sanity back into the latest developments in the Florida property insurance circus.
The two high points of the rule appear to be:
- Insurers are permitted to move ahead with nonrenewals announced prior to the moratorium.
- The rate reduction factor being calculated by Bob Hunter, upon which insurers must act before taking future rate hikes or issuing additional nonrenewal notices, is due out by mid-March (sooner than expected).
With that news, the industry is dropping it suit to block the prior emergency rule.
So some rationality has been restored…at least until Bob’s magic number is issued.