Capitol to Courthouse Florida Insurance Report: Tuesday, April 29
Apr 29, 2014
To go directly to the section of your choice, click on a hyperlink below. Other hyperlinks to meeting information, bills and news are noted in bold type.
8:30 a.m.–Florida Automobile Joint Underwriting Association Board of Governors meeting. Tampa, Florida. To view the meeting notice, click here.
10:00 a.m.–Florida Workers’ Compensation Joint Underwriting Association Market Assistance Plan Committee meeting. To view the agenda, click here.
The House passed SB 542 Monday by a 98-11 vote, sending the legislation aimed at enticing more private companies to cover flood insurance in Florida back to the Senate, reports Gray Rohrer for The Florida Current.
- Competition for cheaper flood insurance heating up in Florida
- County estimates 60% of Broward properties now out of flood zone
The Palm Beach Post is reporting that state-run insurer Citizens’ board chairman has been twice to Bermuda and once to London as approval was given for the purchase of private reinsurance costing up to $300 million in 2014.
Florida’s largest property insurer is preparing to transfer $3.1 billion in risk through a combination of reinsurance catastrophe bonds, including a $1.5 billion deal that is the largest of its kind on record, reports Michael Adams for Insurance Journal.
The Florida Office of Insurance Regulation today approved the removal of up to 10,000 multi-peril personal residential policies from Citizens Property Insurance Corporation to Southern Oak Insurance Company.
Validus’ Ed Noonan discussed the market for catastrophe bonds covering hurricane risk in Florida during a conference call last week, BusinessWeek reports.
Donovan Brown, government counsel for the Property Casualty Insurers Association of America, recently discussed Florida’s gun ownership insurance discrimination legislation with Insurance Journal.
A Senate bill that would allow unregulated insurance carriers to be included in the alternative choices for homeowners covered by the state-run Citizens Property Insurance is expected to die quietly without a House vote.
A Florida man won a precedent-setting victory last year when the U.S. Supreme Court agreed with him that his floating home was a house, not a vessel covered by maritime law. But so far the ruling hasn’t helped him secure compensation for the home, which a city seized and destroyed using the laws that govern ships at sea, Associated Press’ Curt Anderson reports via Insurance Journal.
The Florida Office of Insurance Regulation today unveiled an expanded CHOICES system to give consumers one centralized location to search all four of the Office’s insurance rate comparison systems.
Last year, nearly 1.3 million Floridians had their drivers licenses suspended or revoked – and for about 167,000, the action had nothing to do with their driving, reports Michael Van Sickler for The Tampa Bay Times.
Two Tampa Bay lawmakers are making a last-minute push to help the app-based luxury car service Uber. Uber operates in Jacksonville, but has been blocked by local governments in other cities, including Tampa. Kathleen McGrory reports for the Tampa Bay Times.
Starting in January, children under age five must ride in a child safety seat in Florida when traveling in an automobile under legislation unanimously by the Senate Tuesday and sent to the Governor, the Miami Herald’s Mary Ellen Klas reports.
Florida lawmakers buttoned up a $75 billion budget Monday that boosts spending on classrooms, charter-school construction and has $10 million for projects expanding the University of Central Florida, report Aaron Deslatte and Jason Garcia for the Orlando Sentinel.
- House and Senate agree to $499 million in PECO capital projects
- Budget deal disappoints groups seeking money for conservation lands and springs
If Gov. Rick Scott was taking the temperature of the Florida Legislature last week about its interest in a special session to ratify a gambling compact, he has gotten the cold shoulder. Mary Ellen Klas reports for the Tampa Bay Times.
With four days left in the session countdown, Tuesday is deadline day for the budget to be sewed up. It’s also the day that proponents of a bill to allow in-state tuition for children of undocumented immigrants may get their long-awaiting Senate vote.
The Florida House on Monday approved a bill that would let teachers pack heat at school. The 71-44 vote was largely symbolic. The proposal is a long shot in the more moderate Senate, where it has stalled in committee. Kathleen McGrory reports for the Tampa Bay Times.
As children who suffer from intractable epilepsy watched from the gallery, the Florida Senate voted 36-3 to allow a limited strain of medical cannabis to be legalized in the state, the Miami Herald’s Mary Ellen Klas reports.
Florida would become the eighth state to outlaw the use of foreign law in the state’s courts under a bill passed by the Senate Monday, The Florida Current’s Bill Cotterell reports.
A provision in an omnibus transportation bill, HB 7005, was amended Monday in the House to allow a Leon County ordinance providing wheelchair access to gas stations to stand, The Florida Current’s Gray Rohrer reports.
The Senate paused for a long round of tributes to its presiding officer, unveiling the official portrait of Sen. Don Gaetz Monday and comparing him to great leaders of world history, The Florida Current’s Bill Cotterell reports.
Prominent national Democrats are starting to wade into the Florida waters as the gubernatorial race starts to take center stage, report Kevin Derby and Allison Nielson for Sunshine State News.
The property and casualty insurance industry’s eyes will be focused on the Senate Banking Committee and legislation reauthorizing the Terrorism Risk Insurance Act (TRIA) as Congress returns to work this week. Arthur D. Postal reports for PropertyCasualty360.com.
Delaware Insurance Commissioner Karen Weldin Stewart explains her opposition to the NAIC’s proposal to impose accreditation standards on captive insurers.
To view the NAIC proposal, click here.
The insurance industry has not given up on getting Congress to pass legislation to create a national producer registry and make it easier for agents and brokers become licensed in multiple states, reports Andrew G. Simpson for Insurance Journal.
Risk managers, get ready for your close-up. Corporate executives are increasingly focusing attention on their organizations’ risk management functions, reaching out to risk managers for guidance on everything from strategic direction to day-to-day business decisions, as risk has become a crucial part of corporate planning in recent years. Tim Sprinkle reports for PropertyCasualty360.com.
State Farm Insurance, in reaction to comments allegedly made by Los Angeles Clippers owner Donald Sterling, will step away from its sponsorship of the team while details of Sterling’s inflammatory remarks are further investigated, according to the Chicago Tribune.
Microsoft is rushing to fix a security flaw in its Internet Explorer browser that is already being used in “limited, targeted attacks,” as antivirus firms and the U.S. government advise switching to alternate products, Bloomberg’s Dina Bass reports.
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