Capitol to Courthouse Headliners: Thursday, October 22
Oct 22, 2009
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Florida Insurance Commissioner Kevin McCarty is troubled by growth in the life settlement industry, particularly with regard to stranger-originated life insurance, in which investors persuade seniors to purchase life insurance with the intent to resell the policies to investors.
The city council decided Wednesday to tap its insurance trust fund to cover $10.4 million owed for work at the Ocean Mall and the upcoming renovation of a beachfront park.
Senate President Jeff Atwater’s call for a special legislative session on transportation is getting the cold shoulder from his counterpart, House Speaker Larry Cretul.
Florida is expected to gain only one new congressional seat, instead of two previously forecast.
Our governor has twice made a deal with the Seminole Tribe of Florida over casino gambling. The Seminoles would pay the state big bucks for the exclusive rights to run their games.
Governor Charlie Crist today appointed David E. Klement of Bradenton to the Public Service Commission. He will succeed Katrina McMurrian, who resigned earlier this month.
Florida Power & Light Co. today backed off from two controversial costs included in its proposed base rate hike, but the decrease is just a fraction of the Juno Beach-based utility’s original $1.3 billion-a-year request.
Federal officials have lifted a ban on commercial citrus shipments from Florida to the 10 other states and U.S. territories that grow the crops.
Attorney General Bill McCollum today filed a lawsuit against a Miami-Dade County business, its owners and several straw buyers for their participation in an equity skimming scheme that victimized at least 20 South Florida homeowners.
Oil drilling in Gulf waters will mean thousands of jobs for Floridians and millions in new revenue for the state, business interests told legislators Wednesday.
By the year 2100, much of the Pinellas coastline and parts of Hillsborough will be inundated with water, an estimate that almost doubles researchers’ original predictions about the rise in sea levels, leaders in global warming said Thursday.
Hoteliers better prepared this time as occupancy falls to levels last seen in 2001.
Despite big discounts, local hotels came dangerously close last month to the worst month in recent memory: September 2001.
Former legislators Daniel Webster and Marjorie Turnbull are among 21 new trustees appointed Thursday to boards at Florida’s 11 state universities.
A developer with a controversial plan to build houses on two golf courses in Tamarac is being investigated for allegedly hand-delivering thousands of dollars in cash to buy a golf club membership for now-suspended Broward Commissioner Josephus Eggelletion, according to two sources familiar with the investigation.
A projected 10 percent increase in rates for clients of the Louisiana Citizens Property Insurance Corp. will “probably be less than that,” the chief executive officer of the state’s insurer of last resort said today.
US insurer The Hartford has made a $1.3m settlement with Richard Blumenthal, Connecticut’s attorney general, resolving claims that it participated in several anticompetitive schemes that illegally inflated insurance and reinsurance costs nationwide, it was announced today.
Travelers Companies Inc., the No. 1 publicly-traded U.S. property/ casualty insurer, said its quarterly profit more than quadrupled, strongly beating expectations, as a dearth of costly catastrophes left the company with strong underwriting gains.
Using data from Hurricane Katrina and four other destructive storms, researchers from Johns Hopkins and Texas A&M universities say they have found a way to accurately predict power outages in advance of a hurricane.
Ratings agency says NAIC proposal won’t have any real effect on capital
U.S. insurers may improve their financial flexibility as state insurance regulators change the way they evaluate capital requirements for residential-mortgage-backed securities, according to a report from Moody’s Investors Service.
Marsh’s London office announced that it has launched a new Directors’ and Officers’ liability diagnostic tool for private companies domiciled in the UK. “The service is free to clients with assets below £250 million ($413 million). The tool measures the effectiveness and capability of the D&O policy that a company has in place.”
Insurance buyers likely will enjoy another year of competitive insurance pricing throughout 2010 as the lingering impact from the economic recession will keep rates from rising until at least 2011, according to New York-based Advisen Ltd.
A study of principles-based reserving methods for life insurance policies by Milliman Inc. actuaries on behalf of the Society of Actuaries has been posted on the Life and Health Actuarial Task Force section of the National Association of Insurance Commissioners’ Web site.
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