Capitol to Courthouse Florida Insurance Report: Friday, August 30
Aug 30, 2013
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There are no Florida insurance-related events scheduled today.
Ten companies were approved by Florida regulators to take over 393,732 policies from Citizens Property Insurance Corporation–about one-third of its total policies, The Florida Current’s Gray Rohrer reports.
Sen. Bill Montford says he’s not suggesting that the Legislature revisit the action taken by the Legislature in 2012 when it repealed a statewide inspection requirement, Bruce Ritchie reports for The Florida Current.
A.M. Best Co. has affirmed the financial strength rating (FSR) of B- (Fair) and issuer credit ratings (ICR) of “bb-” of the members of Castle Key Group of St. Petersburg, Florida, A.M. Best reports in a news release.
Florida has the nation’s second-highest rate of uninsured residents younger than 65 – a total of about 3.8 million people, or about 25 percent of the state’s population, including more than 500,000 younger than 19, according to U.S. Census data released Thursday, the Miami Herald’s Dan Chang reports.
As health care costs rise in Florida, insurers and hospitals vested in the success of the Affordable Care Act, are coming up with new ways to cut costs from buying services in bulk and piloting programs to lowering hospital readmission rates and limiting the number of doctors within a plan’s network, Associated Press’ Kelli Kennedy reports via Insurance Journal.
The Teamsters union contends that when it comes to compensatory time off that prison officers must “use it or lose it” and often lose hours they’ve earned, The Florida Current’s Bill Cotterell reports.
As university researchers prepare to dig into an unsavory chapter of Marianna’s past, many in the rural Panhandle community would simply prefer the issue remain buried, THE NEWS SERVICE OF FLORIDA’s Jim Turner reports via SunshineStateNews.com.
Florida lawmakers borrowed heavily against a revenue stream dedicated to school construction. Then a debt-adverse governor was elected and money for new school buildings dwindled to a sprinkle, The Florida Current’s James Call reports in Part 2 of a series.
A U.S. appeals court withdrew its decision finding BP Plc (BP/) had access to $750 million in Transocean Ltd. (RIG)‘s insurance to pay costs from the 2010 Gulf of Mexico oil spill, in order to ask the Texas Supreme Court a question on coverage, Margaret Cronin Fisk of Bloomberg reports.
The New York Department of Financial Services is asking Lloyd’s of London officials for details about an internal Lloyd’s market probe regarding potential violations by its managing agents of U.S. laws barring companies from doing business with Iran, Arthur Postal reports for National Underwriter’s PropertyCasualty360.com.
The U.S personal lines insurance industry remains financially sound despite significant catastrophe losses last year from high frequency, low-severity events and Superstorm Sandy, Moody’s Investors Service says in a new industry outlook report, Arthur Postal writes for National Underwriter’s PropertyCasualty360.com.
Despite pleas from officials and policyholders in Texas Gulf Coast communities, the board of the state’s insurer of last resort for wind along the coast has decided not to assess it member insurance companies for losses resulting from Hurricane Ike, Stephanie K. Jones reports for Insurance Journal.
The inflow of third party capital into the reinsurance market shows no sign of abating, helped by the prolonged low interest rate environment on both sides of the Atlantic, Graham Buck reports for Risk and Insurance Digital Network.
A panel of industry leaders in the surplus lines sector of the U.S. insurance market will review market trends and highlights of a new A.M. Best report in a September 24 Webinar.
The National Council on Compensation Insurance (NCCI) has published a new research report that examines recent trends in workers compensation temporary total disability indemnity benefit duration, Joan Collier’s WCI360.com reports.
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