Capitol to Courthouse Florida Insurance Report – Wednesday, February 28, 2018
Feb 28, 2018
A Company that rates many Florida Property/Casualty Insurers believes Hurricane Losses and Assignment of Benefits Litigation during 2017 could affect some Insurers’ Financial Ratings. Insurance Journal’s Amy O’Connor reports.
The $30 Million Citrus Re 2015-1 Class C Tranche of Notes is currently estimated to face at least a $20 Million Loss, although secondary pricing seems to imply that Investors may expect a higher reinsurance recovery to be claimed, as pricing sheets have this tranche marked down for bids as low as 10 in some cases. Artemis.bm reports.
Senate Appropriations Chair Rob Bradley is undertaking something seen too rarely in the Legislative Process: He is actually trying to clean up and improve Florida’s Health Care Financing Policy. FloridaPolitics.com Publisher Peter Schorsch reports.
At a recent Legal Conference the Lawsuit was referred to as “The Five Million Dollar Ant Bite Case.” It’s being compared to the infamous McDonald’s Hot Coffee Case, in which a New Mexico Jury awarded $2.86 Million for a spilled coffee injury on the legal theory that the coffee was “Defective” because it was hot. SunshineStateNews.com Publisher Nancy Smith reports.
House and Senate Leaders Tuesday night kicked off formal negotiations on a New State Budget. THE NEWS SERVICE OF FLORIDA reports via FloridaPolitics.com.
- Legislators Say They’ll Have a Budget by Tuesday
- Budget Remarks Don’t Bode Well For Sadowski Trust
- Millions at Stake for South Florida Safety-Net Hospitals as Budget Negotiations Begin
The powerful Florida House Appropriations Committee on Tuesday Approved a sweeping Proposal to tighten gun controls in response to the Feb. 14 Mass Shooting at Marjory Stoneman Douglas High School, but it did not approve an amendment to ban assault weapons. Arek Sarkissian reports for Politico Florida.
Though the Race had remained largely under the radar, the Tampa Republican had been jockeying for position with GOP State Sens. Travis Hutson of Palm Coast and Kathleen Passidomo of Naples. State Sen. Greg Steube (R-Sarasota) was also trying to gain support, but has now decided to run for Congress. Matt Dixon reports for Politico Florida.
Former State Representative Ray Pilon — a Sarasota Republican who held the District 72 Seat from 2010 to 2016 before deciding to run for the State Senate and losing — told the Sarasota Herald-Tribune’s Zac Anderson that he will try to win his old seat back.
The Fort Pierce Utilities Authority has been Fined $10,500 for several Spills totaling about 10.5 Million Gallons of treated and untreated sewage at the wastewater treatment plant and several lift stations. Tyler Treadway reports for TCPalm.com.
The first time Lozman and the City met at the Supreme Court, the Justices reviewed Lozman’s claim that Riviera Beach had improperly used Federal Admiralty Law to seize (and later destroy) his two-story, plywood-and-french-doors Houseboat, moored at the City Marina. Robert Barnes reports for the Washington Post.
PCI is criticizing the latest Study published by the Consumer Federation of America, which claims that Low-Mileage Drivers are at Lower Risk of Accidents, but still end up paying just as much for Insurance. Lyle Adriano reports for Insurance Business Magazine.
Directors, Officers and Underwriters have reason to take Law seriously. Insurance Journal reports.
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