Capitol to Courthouse Florida Insurance Report – Friday, September 30, 2016
Sep 30, 2016
Justices Say Insurer Required To Foot Legal Fees
The Florida Supreme Court on Thursday said a Property Insurer must pay the Attorneys’ Fees of a Homeowner who successfully challenged the Company’s contention that her home was not damaged by a sinkhole. THE NEWS SERVICE OF FLORIDA’s Jim Saunders reports via CBS Local Miami.
Jeff Atwater Urges Legislative Action to Tackle Workers’ Compensation
CFO Jeff Atwater hammered home the need for Workers’ Compensation Reform, saying recent decisions could have a significant impact on Floridians. Jenna Buzzacco-Foerster reports for FloridaPolitics.com.
Neighbors Anxious After Florida Sinkhole Contaminates Water
Neighbors of a huge sinkhole sending cascades of contaminated water and fertilizer plant waste into Florida’s main drinking-water aquifer are fearful and fuming that it took weeks for them to be notified about the disaster. The Associated Press reports via WSVN.com.
Progressive Insurance Looks to Hire 1300 Nationwide, Including 200 in Tampa
Progressive is the fourth largest Insurer in the country and, through its partial Acquisition of Property Insurer American Strategic Insurance (ASI) in 2014, is one of the 20 largest Homeowners Insurers. It has 30,000 employees nationally, including 3,500 in Tampa. The Tampa Bay Times’ Jeff Harrington reports.
Florida Lawmaker Pleads Guilty To Wire Fraud
Little more than a month before he was set to vie for Re-Election, State Rep. Reggie Fullwood pleaded guilty Thursday to Two Counts in a Federal Indictment. THE NEWS SERVICE OF FLORIDA’s Brandon Larrabee reports via CBS Local Miami.
Scott Renews Push For Incentives Amid House Opposition
Governor Rick Scott plans to ask Lawmakers in 2017 to provide $85 million for economic incentives, after the Legislature rejected his request this year for $250 million for the State’s Business-Recruitment Agency. THE NEWS SERVICE OF FLORIDA’s Jim Turner reports via CBS Local Miami.
The Ouster of James Billie, the Chairman of the Seminole Tribe of Florida, could further complicate the State’s Gambling Industry, already mired in Legislative and Legal Battles that have taken an economic toll at Tampa’s Seminole Hard Rock Hotel & Casino. The Tampa Bay Times’ Jerome Stockfish reports.
Warner-Neal Foreign Reinsurance Legislation Opposed by Bipartisan Coalition
The Coalition for Competitive Insurance Rates vocalized their disapproval of Legislation introduced by Sen. Mark Warner (D-VA) and Rep. Richard E. Neal (D-MA) (S. 3424 and H.R. 6270) to raise taxes on Foreign-Based Companies providing reinsurance to US Affiliates.
Insurance May Be Dropped for Properties That Repeatedly Flood
One NFIP-Insured Home valued at $69,000 flooded 34 times in 32 years and racked up $663,000 in Claims, Erika Bolsted reports for Scientific American.
FASB Proposes Changes to Long-Duration Contract Reporting for Insurance Companies
FASB proposed changes to Accounting Rules Thursday that are designed to improve Financial Reporting for Insurance Companies, the Journal of Accountancy reports.
Insurance Regulator Wants More Time to Pursue Back Taxes
New Mexico’s Superintendent of Insurance is pleading with State Lawmakers for more time to recover Unpaid Taxes on Insurance Premiums and investigate one company, after an Outside Audit uncovered at least $193 million in Uncollected State Revenue. The Associated Press reports via the Ruidoso News.
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