The Florida Office of Insurance Regulation (the “OIR”) has denied rate filings of three insurance companies, because, according to the OIR, the requested rate decreases were not substantial enough to be in accordance with the legislative overhaul from the January Special Session.  For a discussion of the Session’s ramifications on Florida’s property and casualty market, previously released by EAP&D, please click here.  The insurance companies in question requested reductions of 5.4%, 8.3% and 8.3%.  The OIR maintained that the requests “did not adequately reflect all of the savings realized” from the $12 billion expansion of the Florida Hurricane Catastrophe Fund that provides insurers with access to cheaper reinsurance than was previously available.  Insurance Commissioner Kevin McCarty commented that under the new laws, “[I]nsurance companies [are required] to pass along that savings to their policyholders in the form of lower rates.  [The savings are] not to be invested in extra, duplicative reinsurance contracts or profit margins.”  The deadline for all reduced rate filings is September 30th.