Capitol to Courthouse Florida Insurance Report: Wednesday, August 17

Aug 17, 2011


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.




Daily Florida Insurance-Related Events


9:00 a.m.–Florida Commission on Hurricane Loss Projection Methodology meeting.  Discussion of 2011 Standards and Procedures; review of the 2011 Florida Public Hurricane Loss Model under the Standards and Acceptability process for 2009.  To view the meeting notice, click here.

10:00 a.m.–Florida Board of Employee Leasing Companies Board of Directors Meeting.  Teleconference:  888-808-6959; conference code:  9226020.  To view the agenda, click here.



Daily Insurance-Related News


Florida Chief Financial Officer Jeff Atwater announces appointments to Citizens Property Insurance board

Former state Representative Rob Wallace of Tampa and a veteran Insurance executive, Nancy Baily, are accepting appointments to the board of directors of the state-backed Citizens Property Insurance Corp.


Florida Regulator Taking Citizens Sinkhole Rate Bid on the Road

South Florida residents will have their say over the state-backed insurer’s proposed triple-digit increase in sinkhole rates as regulators announced they will hold a public hearing on the issue in Tampa on September 15.


Tampa Bay residents protest sinkhole rate increases

Protesters lined the streets in New Port Richey, targeting a new law that would allow Insurance companies to raise their rates for sinkhole coverage by thousands of dollars a year in some cases.


Florida Contractor’s Sinkhole Fraud Uncovered

Florida Chief Financial Officer Jeff Atwater today announced the arrest of an Oviedo business owner for over-billing State Farm Insurance Co. for fraudulent sinkhole claim repairs.


Florida Hurricane Catastrophe Fund Chief Operating Officer:  Private Market Needs ‘More Skin in the Game’

The Florida Hurricane Catastrophe Fund may be unable to cover all of its losses in the event of a major catastrophe – unless significant changes are made to the cat fund – according to fund Chief Operating Officer Jack Nicholson.


Opinion:  Property insurance bill only a start on needed reform

The recently passed property insurance reform law (Senate Bill 408) promises to lower homeowner insurance rates.


Cabinet Members Call for Personal Injury Protection Reforms

New legislative measures aimed at fraud on tap next year

If Florida lawmakers can’t fix the state’s skyrocketing, fraud-ridden personal injury protection (PIP) insurance system, it should be abolished, Chief Financial Officer Jeff Atwater said Tuesday.


New York Times:  On Wide Florida Roads, Running for Dear Life

As any pedestrian in Florida knows, walking in this car-obsessed state can be as tranquil as golfing in a lightning storm.


Wal-Mart to Pay $2.02 million to Settle Florida Corporate-Owned Life Insurance Case

Wal-Mart Stores Inc. has agreed to pay $2.02 million to settle a class-action lawsuit alleging it inappropriately bought corporate-owned life insurance policies on some of its employees in Florida during the 1990s


Florida’s Medicaid director leaving her job

Roberta Bradford is resigning from her position at the Agency for Health Care Administration in early September.


Medical loss ratios are stumbling block in Florida Medicaid negotiations

Florida officials meet face to face this week with federal authorities to discuss pending Medicaid waiver. AHCA Assistant Deputy Secretary or Medicaid Finance Phil Williams says there’s a “short list” of differences but chief among them is a medical loss ratio requirement.


Sarasota insurance agent faces fraud charge

State investigators say he forged a client’s signature

A man working for a Sarasota firm forged a potential customer’s signature on a policy, Florida insurance investigators said.


Florida Supreme Court says Scott overstepped his authority

The court ruled by a 5-2 margin that the governor violated the separation of powers between the executive branch and legislative branch when Scott created a new office that could block new rules. Scott suspended rulemaking on his first day in office.


Jobs agency federal probe of Workforce Florida focuses on possible criminal conflict of interest

A U.S. Labor Department probe of Workforce Central Florida is focused on possible “criminal conflict of interest” that may have tainted contracts awarded to companies owned by or tied to agency board members.


Land swap approved by Governor Rick Scott and Cabinet

Gov. Rick Scott and the Cabinet approved a land swap between Florida State University and the Seminole Boosters Tuesday in the heart of a planned student housing, shopping and entertainment complex that will anchor Tallahassee’s long-running revitalization of Gaines Street.


Florida Department of Environmental Protection announces key hires

Secretary Herschel Vinyard announced the hiring of two new employees responsible for helping with water policy and working with water management districts. Gov. Rick Scott has complained that the districts have strayed too far from their “core mission.”


THE NEWS SERVICE OF FLORIDA:  Governor Rick Scott on Water Management Districts’ S&P Downgrade — ‘It’s Good’

Florida Gov. Rick Scott on Tuesday defended legislative actions that prompted a leading rating agency to downgrade the credit rating of the South Florida Water Management District, which oversees billions in debt for a host of issues from flood protection to Everglades restoration.


Iowa Winner Michele Bachmann Will Skip Florida Straw Poll

Is she leaving door open for Rick Perry? Republican Party of Florida not taking ‘no’ for an answer yet

U.S. Rep. Michele Bachmann’s campaign says she does not plan to participate in Florida’s Presidency 5 straw poll next month — dealing another blow to the state Republican Party’s quadrennial event.


Florida is now epicenter of foreclosure crisis, report concludes

Florida metro areas dominate the top 25 list for cities with the worst foreclosure rates – including the eight highest in the nation, according to a report released Tuesday.


21 Florida banks among nation’s 154 undercapitalized institutions

New second-quarter data from SNL Financial show that of the nation’s 154 undercapitalized financial institutions, Florida is home to 21 of them, second only to Georgia’s 32.


Florida gets $97.7 million in federal funds to spur small-business loans

An additional $97.7 million in federal funds for small-business lending will be available statewide through the recent approval of Florida’s application to tap the State Small Business Credit Initiative.


Blog:  Marina-county land dispute heads to the voters

A marina owner accidentally built on land he didn’t own. The trouble for the marina owner is, that land is Broward County’s Secret Woods Park.


Florida not out of the running for early childhood home visiting grants

According to a state health agency, Florida may not be completely out of the running for the Maternal, Infant, and Early Childhood Home Visiting Program grants the state Legislature rejected.


‘It’s not a very nice place to be’:  Florida drops in well-being ranking for kids

Two-year-old Maliq Arbyummi gleefully pedals a tricycle around the playground while his older brother, Tariq, is in a classroom with three-year-olds.


States mull taxing drivers by the mile

Might you someday pay taxes by the mile? It took Carol Hinka some time to get used to paying tolls when she moved to Central New Jersey two years ago, first on the Garden State Parkway, then the New Jersey Turnpike on her daily commute to her office just west of New York City.


Gary Prestia appointed Chief Executive Officer of Flagstone Representatives, Inc.

On August 8, 2011, Flagstone Reinsurance Holdings, S.A. (the “Company”), issued a press release announcing that Gary Prestia has been appointed Chief Executive Officer of Flagstone Representatives (US) Inc., and Chairman of Mosaic NY.


Bart Hedges takes over as CEO at reinsurer Greenlight Capital

In addition to taking over as CEO effective Monday, Mr. Hedges has been appointed to serve on the company’s board of directors and on the boards of operating subsidiaries Greenlight Reinsurance Ltd. and Greenlight Reinsurance Ireland Ltd.


Moody’s:  New Jersey Proposed PIP Reforms Positive for Insurers

Proposed changes to New Jersey’s personal injury protection (PIP) coverage would benefit insurers from a credit perspective as reforms would reduce legal expenses and clarify medical reimbursement for specific injury types, according to Moody’s.



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