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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 SunshineStateNews.com.
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.
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’s Department of Financial Regulation is getting a new deputy commissioner in the Insurance Division, the Associated Press reports in Insurance Journal.
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 PropertyCasualty360.com.
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.
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 PropertyCasualty360.com.
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.
To unsubscribe from this newsletter, please send an e-mail to Brooke Ellis at email@example.com.