Capitol to Courthouse Florida Insurance Report: Wednesday, June 26

Jun 26, 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.



Daily Florida Insurance-Related Events


9:00 a.m. to 3:00 p.m.–Citizens Property Insurance Corporation Board of Governors meeting; 9:00 a.m. to 3:00 p.m.  Miami, Florida.  Teleconference:  888-942-8686; conference ID:  5743735657#.  To view the meeting notice, click here.



Daily Florida Insurance-Related News


Florida Citizens Property Insurance to weigh hefty rate hike today

As the board of Citizens Property Insurance Corp. convenes Wednesday in Miami to consider rate increases for 2014, the much-maligned state-run insurer of last resort is bent on reducing its size and risk profile, reports Martha Brannigan of The Miami Herald.


Researchers:  Review of storm seasons finds 327 more tropical systems

It’s a bit like digging for dinosaur bones.  Only in this archaeological excavation, researchers have so far uncovered 327 new tropical systems and revised the tracks or strengths of 453 more by poring through old ships reports and hand-drawn ocean maps, the Orlando Sentinel’s Ken Kaye reported.


Florida’s Citizens Property Insurance investigation raises new questions about ethics lapses

The Miami Herald’s Mary Ellen Klas reports that two former Citizens Property executives, who left the state-run insurance company for violating conflict of interest rules, were developing an online software company with their supervisor and receiving hefty pay raises, documents show.


Self-Certification order for residential property insurers extended for 6 months

Insurance Commissioner Kevin McCarty issued an order late Monday extending a fast-track option for residential property insurers to get changes to the coverage they offer, reports Gray Rohrer for The Florida Current.


Universal Property and Casualty Insurance requests hearing over state fine

The state’s largest private property insurer has asked for a hearing to challenge a state order with a $1.26 million fine, Charles Elmore reports for the Palm Beach Post.


Legislators invite Bermuda reinsurance industry to participate in Florida market

Members of the Florida House of Representatives invited the Bermuda reinsurance industry to increase their involvement in the $3 trillion Florida insurance market yesterday, Rebecca Zull reported for Royal Gazette, a Bermuda publication.


Editorial:  Florida Should Take Steps To Prevent New York-Style Life Insurer Asset Secrecy

A tactic increasingly used by large life insurance groups poses a similar risk, and regulators need to stop it. Florida officials say the strategy isn’t happening with policies sold by Florida-regulated companies, but it shouldn’t be allowed anywhere, the Tampa Bay Times Editorial Board writes.


U.S. Supreme Court rules for Florida landowner, overturns state high court decision

The U.S. Supreme Court on Tuesday overturned a Florida Supreme Court ruling against an Orange County landowner who said a water management district’s permitting requirements amounted to a constitutional taking of land, Bruce Ritchie reports for The Florida Current.


Public Service Commission Begins Rulemaking on Nuclear Cost Recovery Law Revisions

The Public Service Commission on Tuesday approved moving forward with rulemaking in response to legislation dealing with nuclear power projects but some commissioners challenged staff about additional factors that can be considered to determine the feasibility of proposed new plants, Bruce Ritchie reports for The Florida Current.


Judge denies request to rehear challenge on teacher evaluation law

A Tallahassee judge Tuesday denied a motion for a rehearing in a case challenging a 2011 state law concerning how public school teachers are evaluated and paid, reports James Call for The Florida Current.


State Representative Ross Spano Gets Democratic Opponent in Attorney Ty Hinnant

Rep. Ross Spano, R-Riverview, won a Florida House seat by the skin of his teeth in 2012, beating Democrat Gail Gottlieb, 51 percent to 49 percent, edging her by 1,051 votes — and he has already drawn a Democratic opponent in 2014, Kevin Derby reports for


Interview With Republican Party Chairman Lenny Curry

Lenny Curry was unanimously elected chairman of the Republican Party of Florida in 2011. He succeeded popular former lawmaker Dave Bitner, who had endorsed Curry before dying of ALS the month before.  THE NEWS SERIVCE OF FLORIDA’S Margie Menzel interviews him here.


U.S. Supreme Court lets stand ruling throwing out Hurricane Katrina flood damage judgment against Army Corps of Engineers

The U.S. Supreme Court on Monday refused to review the September 2012 decision by the U.S. 5th Circuit Court of Appeals throwing out a multi-billion-dollar judgment against the Army Corps of Engineers that found that a portion of the flood damage in St. Bernard Parish and the Lower 9th Ward of New Orleans during Hurricane Katrina was caused by the agency’s failure to maintain the Mississippi River-Gulf Outlet, reports Mark Schleifstein of The Times-Picayune.


Vermont Taps New Jersey Captive Chief as Deputy Insurance Commissioner

Vermont’s Department of Financial Regulation is getting a new deputy commissioner in the Insurance Division, the Associated Press reports in Insurance Journal.


Case Against Greenberg Alleged Sham Reinsurance Deal Cleared for Trial

New York’s top court has cleared the way for a civil trial of former AIG CEO Maurice “Hank” Greenberg and the company’s chief financial officer over allegations that they engineered a sham reinsurance transaction more than a decade ago in order to make its financial statement look better, reports National Underwriter’s Arthur Postal on


Insurers Abandoning Long Island, Senator Says

Allstate Corp. is among insurers retreating from the Long Island, New York, homeowners market after superstorm Sandy and should be compelled to offer coverage there, New York Senator Charles Schumer said, Bloomberg’s Kathleen Chaykowski reports in Insurance Journal.


G-20 Financial Stability Board to Name Global Systemically Important Insurers in July

The G-20’s Financial Stability Board (FSB) says it will identify in July global insurers it deems so important and interconnected to the worldwide insurance economy that tighter and more comprehensive worldwide supervision is warranted, National Underwriter’s Elizabeth Festa reports on


U.S. Supreme Court Limits On-the-Job Claims

The U.S. Supreme Court put new limits on lawsuits claiming on-the-job harassment, throwing out a case filed by a black catering worker who said a colleague slapped her and used racial epithets, reports Bloomberg’s Greg Stohr in Insurance Journal.




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