Georgia, Florida Insurers Facing New Scrutiny, Regulations After Election

Property-casualty insurance carriers in Georgia and Florida are bracing for new scrutiny and new limits on rate taking after new top state officials were elected Tuesday night. In Georgia, former state legislator and Atlanta City Council member Keisha Sean Waites scored an upset victory by defeating current Insurance Commissioner John King. King was appointed in 2019 to finish the term of a former commissioner who was convicted on fraud and embezzlement charges. King was elected to a full, four-year term in 2022. Waites, who also once worked with the Federal Emergency Management Agency, won 54% of the vote to King’s 46% in Tuesday’s general election, official results show. Waites has pledged to introduce new measures to hold insurers accountable, to bar the use of insureds’ ZIP codes and credit scores in setting insurance premiums, to speed up claims payments, and to effectively freeze some auto and homeowners’ insurance rates. King in 2022. (Alyssa Pointer/Atlanta Journal-Constitution via AP, File) King had not released a statement by Wednesday morning, Nov. 4. A former US Army general and a police officer, King had made a number of changes while in office, including winning legislation that barred use-and-file rate increase by auto insurers. It’s unclear if a recent fatality at a Six Flags amusement park roller coaster had an impact on voters. A 42-year-old man slipped from restraints while on the coaster in October. Ride inspections fall under the insurance commissioner’s responsibility, and King said inspectors had thoroughly checked the ride earlier this year. Georgia is one of 11 states with elected insurance commissioners, but only four state commissioner races were on the ballot this year. Waites is set to take office in January. In Florida, U.S. Rep. Byron Donalds, a Republican, narrowly defeated Democrat David Jolly in the governor’s race, with 50.02% of the vote to Jolly’s 49%, a Florida Division of Elections tally shows. Both candidates had pledged changes to Florida’s property insurance regulations, despite 2022 legislative reforms that have resulted in some significant rate decreases by carriers in the last 18 months. Donalds has pledged to introduce a scorecard on Florida insurers, which could include a look at how fast claims are paid. That has raised concern among some insurers and industry advocates because claim payments can be delayed for a number of legitimate reasons, including difficulty finding repair contractors after storms. Donalds at an Oct. 30 rally. (AP Photo/Jacquelyn Martin) Donalds also has said he would push for changes to the Florida Hurricane Catastrophe Fund, including an end to the rapid cash buildup fund. The buildup factor, imposed after Hurricane Wilma in 2005 and made permanent in 2008, charges carriers a 25% fee on top of premiums paid for Cat Fund reinsurance coverage, the Fund has explained. Donalds told Fox News in October that repealing the build-up factor would “automatically begin to lower premiums” for property owners. A 2025 paper posted by the Cat Fund said the buildup has been crucial in helping the hurricane catastrophe program avoid borrowing more money, issuing more bonds or levying more emergency assessments on insurers. “Eliminating the cash build-up factor will increase the FHCF’s reliance on debt by reducing the ability of the FHCF to pay losses out of its cash balance,” the Cat Fund paper reads. “The impact would be greatest after a major hurricane loss, as elimination of the cash build-up factor increases the time it will take to fully recharge the FHCF’s cash resources after a major loss.” Florida voters on Tuesday also approved Amendment 3 to the state’s constitution, which will reduce property taxes for some homeowners, potentially providing insureds with breathing room to purchase or increase HO coverage. Top photo: Waites in 2025 (AP Photo/Jeff Amy) Topics Carriers Florida Legislation Georgia