Capitol to Courthouse Headliners: Thursday, October 22

Oct 22, 2009



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Florida Insurance Commissioner:  A Troubling Insurance Development

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. 


Riviera Beach routes $10.4 million from insurance trust fund to cover Ocean Mall overhaul

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.


Fla. House Balks at Special Session on Transportation

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 Expected To Get One New Seat in Congress

Florida is expected to gain only one new congressional seat, instead of two previously forecast.


Various reasons lie behind the opposition to the proposed Seminole gaming compact

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 Crist Appoints David Klement to Public Service Commission

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.


FPL knocks $53 million off rate increase, meaning customers won’t pay for exec’s planes, some bonuses

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.


USDA ends ban on Florida citrus shipments

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.


Florida Attorney General Sues South Florida Business for Equity Skimming Scheme

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.


Gulf drilling pros, cons aired in five-hour hearing

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.


Rising seas could be worse than expected, scientific group says during stop in Tampa

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.


Half-full hotels in September

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.


State panel names 21 Fla. university trustees

Former legislators Daniel Webster and Marjorie Turnbull are among 21 new trustees appointed Thursday to boards at Florida’s 11 state universities.


Sources: Broward corruption probe looks at developer

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.


Louisiana Citizens Insurance CEO says rate increase may be lower than projected

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.


Guy Carpenter targeted after Hartford settlement

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.


Drop in Catastrophe Losses Leads Travelers to Strong Underwriting Gain

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.


Computer Model Predicts Hurricane-related Power Outages

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.


Lower capital requirements for RMBS would mean more flexibility for insurers, Moody’s says

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 Launches Private Company D&O Liability Diagnostic Tool

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.”


Recession’s effects to suppress insurance rates in 2010

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.


Society of Actuaries: In a Principles-Based Reserving World, Accountants Must Share Computers

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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