Capitol to Courthouse Florida Insurance Report: Wednesday, April 2
Apr 2, 2014
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9:30 a.m.–Florida Office of Insurance Regulation Rule Development Workshop. Tallahassee, Florida. Proposed amendments to Rules 69O-144.005 and 69O-144.007, relating to “Credit for Reinsurance from Eligible Reinsurers,” would conform to National Association of Insurance Commissioners (“NAIC”) model laws for accreditation purposes and provide consistency among regulatory jurisdictions as to the manner in which reinsurers are granted the status of “certified reinsurer” (currently termed “eligible reinsurer” in the Rule) and the manner in which Florida domestic insurance companies can apply credit for reinsurance from these entities, among other changes. To view the workshop notice, click here.
One of Florida’s fastest-growing property insurers is canceling thousands of policies, abruptly cutting ties with many customers in Palm Beach County and other parts of South Florida less than 90 days after they signed up, Charles Elmore reports for the Palm Beach Post.
House members Tuesday deliberated over legislation encompassing a slew of provisions favored by the insurance industry ahead of a final vote Wednesday, The Florida Current’s Gray Rohrer reports.
Citizens Property Insurance Corp. will begin consolidating its information technology staff in Jacksonville later this year, including 130 jobs that are currently in Tallahassee, Dave Hodges reports for the Tallahassee Democrat.
A bill that would lay the groundwork for telemedicine in Florida passed its first committee on Tuesday amid objections by two panelists, The Florida Current’s Arek Sarkissian reports.
A voter purge by Secretary of State Ken Detzner in 2012 violated the law, a federal appeals court ruled Tuesday in the most recent episode of a heated legal battle over the program and its possible successor, THE NEWS SERVICE OF FLORIDA’s Brandon Larrabee reports via SunshineStateNews.com.
Last year, state Senator Wilton Simpson’s compromise proposal to partly close the Florida Retirement System was the undoing of House Speaker Will Weatherford’s more aggressive effort to move government employees into a 401(k)-style investment plan, The Florida Current’s Bill Cotterell reports.
Wednesday marks Day 30 of the 2014 legislative session, and lawmakers are tempering their push for many controversial issues during an election year, The Florida Current’s Gray Rohrer reports.
Governor Rick Scott signed into law four bills toughening Florida’s sexual predator laws, which were unanimously approved in the opening days of the legislative session, The Florida Current’s Bill Cotterell reports.
Joe Saunders drew a major Republican opponent this week as he looks to run for a second term in the Florida House in November, explains Jeff Henderson for SunshineStateNews.com.
Jesse Panuccio joined the Florida Department of Economic Opportunity as executive director in January 2013. THE NEWS SERVICE OF FLORIDA’s Margie Menzel interviews him via SunshineStateNews.com.
1347 Property Insurance Holdings Inc., a property and casualty insurance holding company offering homeowners and dwelling insurance to individuals in Louisiana through its wholly-owned subsidiary Maison Insurance Co., announced the pricing of its initial public offering of 1,887,500 shares of its common stock at a price to the public of $8.00 per share, Insurance Journal reports.
While flood insurance might represent the biggest growth opportunity for private carriers in years, it’s no certainty the industry would be eager or even willing to take on a greater share of such exposures unless conditions are established to give them a reasonable chance of making a profit, former National Underwriter Editor Sam Friedman writes with his Deloitte colleague Aditya Udai Singh for PropertyCasualty360.com.
Four states – California, Illinois, Alabama and Mississippi – along with the District of Columbia, are the top five riskiest places in the country for employee lawsuits. Businesses in these states and jurisdictions face a substantially higher risk of being sued by their employees compared to the national average, according to study of employment practices litigation data by specialist insurer Hiscox, Insurance Journal reports.
“Insurance: The Musical” opens this week in New York after a successful tryout last September in Hartford. It is Broadway’s first musical exploration of the property/casualty insurance industry, according to Broadway historians. Art Moron reports for Insurance Journal.
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