Ken Research has announced its recent distribution on, “Governance, Risk and Compliance – The Floridian Insurance Industry” which is the outcome of extensive research into the insurance regulatory framework in Florida. The report caters the details of the insurance regulatory framework in Florida and contains details of the rules and regulations governing insurance products and insurance entities.
It lists and analyzes the key trends and developments pertaining to the country’s insurance regulatory framework and also talks about the key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations in detail.
It gives a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance as well as specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. Report helps the users in gaining insights into the insurance regulatory framework in Florida and also tracks the latest regulatory changes, and expected changes which impact the Floridian insurance industry.
The Floridian insurance industry is regulated by the OIR and it doesn’t come under the most popular of industries in the country since it is quite expensive than in other countries due to high associated risks. The insurance industry in Florida registered almost USD 20 billion in total economic output, or roughly 2.5% of the gross state product; and the premium taxes paid by insurance companies accumulated almost USD 705 billion to the state’s general revenues in year 2012.
The industry has experienced a constant growth and further stabilization, particularly with respect to the property insurance sector and altogether the domestic companies continued their growth, including expansion into other states.
Motor third-party liability insurance has been made compulsory in Florida currently and this suddenly boosted the number of insurance takers and also the industry prospered on a whole. 100% foreign direct investment has been allowed in the Floridian insurance industry now which would further definitely ameliorate the industry’s share in the overall market.
Composite insurance and Non-admitted insurance has not been permitted in the country as it may lead to losses for the industry in the long run.
Florida appears to be in its best position in the coming years to absorb the economic impact with raised number of insurance takers and improved industry status year after year.
Topics Covered in the Report
For more coverage click on the link below:
Head Marketing & Communications