Blaise Ingoglia, Chief Financial Officer of Florida, said that the reduced rates by Florida Peninsula Insurance Company indicate progress in stabilizing the state's insurance market. The statement was made on X.
"More good news on the insurance front," said Ingoglia, State Senator. "Florida Peninsula Insurance Company is lowering average homeowner's rates by 8.4% and 12% for condos. There's more work to be done but we're continuing to see market stabilization and rate reductions across the market."
Florida's efforts to stabilize its insurance market include rate reductions from insurers like Florida Peninsula and an increased interest in reciprocal insurance exchanges as a means to inject capital and expand capacity. According to Insurance Business Magazine, the Florida Office of Insurance Regulation approved several reciprocal exchanges, such as Ovation Home Insurance Exchange, Condo Owners Reciprocal Exchange, and Orange Insurance Exchange, as new entrants in early April 2024. These exchanges are viewed as a practical solution to the state's challenging insurance climate because they allow policyholders to share risk effectively and offer more affordable coverage options.
A reciprocal insurance exchange is described as an unincorporated association where policyholders (subscribers) mutually insure each other by pooling premiums. Operations are managed by an attorney-in-fact who acts under a power of attorney. Investopedia notes that the attorney-in-fact runs day-to-day operations while subscribers own and share both risks and potential returns. This structure allows for non-assessable policies, limiting policyholders' downside risk when operating expenditures exceed expectations.
In Florida, reciprocal insurers must comply with specific regulatory requirements. LegalClarity details that to become licensed, a reciprocal must submit a comprehensive application—including financial statements, a business plan, sufficient surplus (at least $1.5 million), and a subscribers' agreement—to the Florida Office of Insurance Regulation (OIR). Additionally, reciprocal insurers are subject to ongoing oversight: annual financial reporting, risk-based capital assessments, and periodic examinations to ensure consumer protection and solvency.
Ingoglia represented District 11 in the Florida Senate, covering Citrus, Hernando, Sumter, and part of Pasco counties. According to the official Florida Senate website, he served from 2022 until his resignation on July 21, 2025. During his tenure, he chaired the Banking and Insurance Committee—a central body for shaping state insurance laws and oversight—and held additional assignments including Environment and Natural Resources (Vice Chair), Appropriations Committees, Fiscal Policy, Regulated Industries, Rules, and the Joint Committee on Public Counsel Oversight positions that gave him a direct role in shaping insurance regulation and market reform.