Capitol to Courthouse Florida Insurance Report: Tuesday, June 4
Jun 4, 2013
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.
There are no Florida insurance-related events scheduled for today.
Residents throughout Florida are receiving notices that a private insurer is taking over their state run home insurance policies. Homeowners are not required to make the switch, though, explains Nick Evans for WFSU Media.
Missing numbers on hurricane shutters are costing some South Florida homeowners thousands of dollars when it comes to paying for their property insurance, Al Sunshine reports for CBS-4 TV in Miami.
For years state regulators have known that some insurance companies mistreated their policyholders even as they experienced explosive growth, the Tampa Bay Times Editorial Board reports.
Mother Nature has been kind to Florida’s coastline lately with a record run of seven years without a hurricane making landfall, allowing property insurers time to re-stock their depleted coffers, writes David Adams for Insurance Journal.
Florida Gov. Rick Scott has signed a bill that removes the ability of state regulators to challenge health insurance rates for a two-year period, Associated Press’ Gary Fineout reports via Insurance Journal.
The U.S. Department of Justice is asking for Daytona Beach-based Halifax Health to pay between $350 million and $600 million in damages and penalties in a lawsuit accusing the hospital of defrauding Medicare through illegal contracts with physicians, Skyler Swisher reports for the Daytona Beach News-Journal.
Nancy Smith of SunshineStateNews.com writes that U.S. Senator Bill Nelson will introduce his “lipsticked-up pig, this time called the Homeowners’ Defense Act of 2013.”
Florida’s two legislative leaders are joining Gov. Rick Scott in raising concerns about federal budget cuts, The Associated Press reports.
Insurance Journal notes New York officials’ announcement that the State’s “force-placed” insurance reforms will now cover 100 percent of the New York market after the New York State Department of Financial Services reached agreements with the four remaining New York force-placed insurers that had not yet agreed to implement those reforms.
Gov. Rick Perry has said he may add reshaping the troubled Texas Windstorm Insurance Association to a special legislative session he’s already convened on redistricting, but wouldn’t yet say for sure whether he’ll give lawmakers more to do, Will Weissert reports for Insurance Journal.
Allstate earlier this year discussed its new approach to homeowners insurance in Oklahoma designed to limit the insurer’s costs for replacing older roofs, and after the recent rash of tornadoes in the state, that new approach is about to get its first real test among consumers, according to articles in Crain’s Chicago Business, PropertyCasualty360.com notes.
Louisiana Commissioner of Insurance Jim Donelon says that, unfortunately, the cost of storm deductibles appears to be on the rise, Paul Murphy writes for WLTV in Baton Rouge.
IASA sessions help insurance industry leaders assess their risk readiness
With the National Association of Insurance Commissioners’ Own Risk and Solvency Assessment (ORSA) regulation bearing down on insurers, the IASA offered a super session, plus a track of technical sessions, on complying with the new enterprise risk-reporting mandate, to keep its members informed and updated, National Underwriter’s PropertyCasualty360.com’s Dave Lenckus reports.
A group of 19 U.S. reinsurers more than doubled its first-quarter net income in 2013 compared to the year before thanks in large part to a dramatic turnaround in net underwriting gains, the Reinsurance Association of America reports via National Underwriter’s PropertyCasualty360.com.
Bermuda is not to blame for companies such as Google using Bermudan subsidiaries to shelter billions of dollars from U.S. and European tax authorities, the territory’s finance minister said on Monday, Reuters’ Tom Bergin reports.
The Washington Post reports that the vote to avert the fiscal cliff on New Years Day “marked a breaking point for House Republicans, who had disintegrated into squabbling factions, no longer able to agree on – much less execute – some of the most basic government functions,” SaintPetersBlog.com’s Peter Schorsch reports.
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