Capitol to Courthouse Florida Insurance Report: Wednesday, January 4
Jan 4, 2012
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
- Daily Florida Insurance-Related Bills Filed for 2012
- Daily Insurance-Related News
Daily Florida Insurance-Related Events
There are no insurance-related events scheduled for today.
Daily Florida Insurance-Related Bills Filed for 2012
SB 1386 Relating to Interstate Insurance Product Regulation Compact by Senator Chris Smith
SB 1386 would provide for the establishment of an Interstate Insurance Product Regulation Commission (“IIPRC”) and designate the Florida Insurance Commissioner as Florida’s IIPRC representative. The bill also would provide for the qualified immunity, defense and indemnification of IIPRC members, officers, employees and representatives. It also would prohibit the IIPRC from pledging the credit of any compacting states without authority, as well as require the IIPRC to keep complete accurate accounts, provide for audits and make annual reports to the Governors and Legislatures of compacting states. SB 1386, which appropriates $500,000, would provide for Florida’s withdrawal from the compact, default by compacting states and dissolution of the compact. Effective Date: October 1, 2012
SB 1404 Relating to Title Insurance by Senator Thad Altman
Linked to SB 1406, SB 1404 specifies continuing education requirements for title insurance agents and would require that certain attorney-owned entities engaging in business as a title insurance agency other than the active practice of law must be licensed as a title insurance agency with a designated agent in charge. The bill also specifies requirements that apply to title insurance agencies relating to the designation of an agent in charge at specified locations, as well as specifies the additional grounds to deny, suspend, revoke, or refuse to renew or continue the license or appointment of a title insurance agent or agency. Effective Date: July 1, 2012
SB 1406 Relating to Public Records/Title Insurance Data/Department of Financial Services by Senator Thad Altman
Linked to SB 1404, SB 1406 provides for an exemption from public records requirements for financial information, such as revenue, loss and expense data, which is supplied periodically by a licensed title insurance agency to the Florida Department of Financial Services (“DFS”) in order to assist the DFS in analyzing title insurance premium rates, title search costs and the financial viability of the title insurance industry in the State of Florida. The bill provides for future legislative review and repeal of the exemption under the Open Government Sunset Review Act. Effective Date: on the same date that SB 1404 or similar legislation takes effect, if such legislation is adopted in the same legislative session, or an extension thereof, and becomes law
Blog: Florida would join national insurance compact
Florida would join a group of 41 other states that have already standardized requirements and application procedures for life Insurance, long-term disability coverage and other insurance products, under a measure filed Tuesday and backed by industry representatives and state regulators, reports Michael Peltier of the News Service of Florida.
Companies’ ability to spread the risk globally shielded U.S. private insurance market, saved taxpayers money
As the media reports on insurance-related matters throughout Florida, especially with regard to the state-run Citizens Property Insurance Corporation and Florida Hurricane Catastrophe Fund, the term reinsurance is one that is frequently used but sometimes misconstrued.
As elected officials prepare for the coming legislative session, their focus will rightfully be strengthening and rebuilding Florida’s economy.
Florida economists reduce 2012 property tax value projections
Overall, state economists expect statewide property values to drop 4.2 percent this year, a larger decrease than their initial fall estimate of 3.89 percent. Property values are also estimated to fall another 3.3 percent in 2013.
US Airlines to link Tallahassee, Washington, D.C.
One daily flight each way beginning on March 25 will carry passengers nonstop between Reagan National Airport and Tallahassee Regional Aiport.
The Florida Current Outlines the Week Ahead
This will be another short week because Monday was a paid holiday for state workers. However, the Office of Economic and Demographic Research holds several revenue estimating conferences to consider Florida’s economic outlook, and deadlines loom for amendments to the House Redistricting Committee’s proposed committee bills and maps.
Revised religion amendment not challenged in Florida
Opponents of a proposal that would repeal Florida’s ban on public funding of religious organizations aren’t challenging a revised ballot summary.
Blog: Florida Tourism interests collide in state Legislature
Florida’s tourism industry is bracing for two big battles when the Legislature convenes for its 2012 session next week – one with out-of-state casino developers, and another with itself.
The Florida Current’s 2012 Session Outlook: Transportation
Although Florida relies on its highways to keep its economy moving, the governor’s committment to schools, a decline in fuel taxes and a state budget shortfall put as high as $2 billion could lead to rough going for transportation during this year’s legislative session.
The Florida Current’s 2012 Session Outlook: Gaming
As Florida casts about for new tax revenue to help shore up a budget that may fall $2 billion short of its needs, the allure of destination-size casinos and their promise of jobs and tax levies may be tough for lawmakers to resist.
Over the past twenty years, the U.S. has experienced some of the deadliest, costliest and strongest tropical cyclones ever recorded.
Bond insurer cleared to sue Countrywide
The bond insurer MBIA Inc. won court permission to pursue claims accusing Bank of America Corp.’s Countrywide Financial unit of fraudulently inducing it to insure risky mortgage-backed securities.
Two Dallasites take part in National Geographic documentary on Hurricane Katrina
Two Dallas residents with ties to the hurricane Katrina disaster participated in a recent National Geographic documentary about the storm that will air this year.
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