Capitol to Courthouse Headliners: Thursday, June 25
Jun 25, 2009
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State Farm officials said they have no option but to leave Florida after Gov. Charlie Crist on Wednesday vetoed legislation to let them offer unregulated property insurance rates.
“The Florida Property and Casualty Association applauds Governor Crist’s veto of HB 1171 related to residential property insurance.”
Lawmakers should revive consumer choice
The Florida Department of Insurance Regulation has been claiming that, since 2006, 40 new property insurance writers have brought $4 billion in capital to Florida to cover homeowners in the event a heartbreaker of hurricane turns coastal properties into a rubble.
A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and issuer credit rating of “a-” to CastlePoint Florida Insurance Co. (CFIC) of Fort Lauderdale. The rating firm said the outlook assigned to these ratings is stable.
Attorney General Bill McCollum today announced a former Miami pharmacist was sentenced in Miami-Dade County for defrauding the Florida Medicaid program out of over $1.7 million.
Governor Charlie Crist signed 28 bills into law and vetoed three bills Wednesday that passed during the 2009 legislative session.
Florida’s water management districts are poised to act quickly if Gov. Charlie Crist signs a controversial bill that would give staff members working behind closed doors even more power to grant lucrative water rights.
Verizon Wireless will pay $1.5 million to the state of Florida to settle charges that it billed customers for ring tones and other Internet products that were falsely advertised as free, Attorney General Bill McCollum said Wednesday.
Three projects on Florida’s Space Coast would get $1.6 million in funding next year as part of an overall $18.7 billion budget for NASA approved today by a Senate spending committee.
Groups being asked to settle differences
After a decade of foot-dragging, it’s time to get moving on Everglades restoration, Interior Secretary Ken Salazar said today.
Florida voters will now get their say next year on the proposed state constitutional amendment with the apple-pie name, feared and loathed by business groups, planners and even some growth-control advocates.
Besides the financial market crisis, the top business risks multinational insurers face this year are failures to recognize model shortcomings and possible impacts from sweeping regulatory reforms, a report found.
Premiums could jump 10 percent next year for thousands of coastal residents and businesses insured by the state windstorm association.
American International Group said Wednesday it will reduce outstanding federal loans by $25 billion by giving the government a preferred stake in two two life insurance subsidiaries that will be spun off from the insurance giant.
The Federal Emergency Management Agency ignored the law and misused millions of dollars to build two warehouses after hurricanes Katrina and Rita, according to government investigators.
The Federal Reserve on Thursday announced extensions of and modifications to a number of its liquidity programs. Conditions in financial markets have improved in recent months, but market functioning in many areas remains impaired and seems likely to be strained for some time.
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