Capitol to Courthouse Headliners: Tuesday, August 3

Aug 3, 2010


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A.M. Best Downgrades Deteriorating State Farm Florida

The financial strength rating of State Farm Florida has been downgraded by A.M. Best Co. several days before the insurer begins non-renewing policies under a previous agreement with the state to keep it in Florida.


Citizens Property Insurance contracts raise questions

State-backed Citizens Property Insurance did not shop around for the best deal on at least 33 current contracts worth more than $25,000 each.


Blog:  Alex Sink — Insurance rates have to go up

The Democratic candidate for governor, Alex Sink, stopped by the editorial board to answer some questions and dodge most. That puts her on par with most candidates.


Florida Office of Insurance Regulation orders Association of Independent Mangers to stop sale of unauthorized health insurance

The Florida Office of Insurance Regulation has issued a Cease and Desist Order to the Association of Independent Mangers for the sale of unauthorized health insurance plans.


Florida owes $52.7 million in unpaid solar energy rebates

The state owes Floridians $52.7 million in unpaid solar energy rebates and has no immediate plan to honor its financial promise.


Florida employers could collect hiring credit for 304,000 workers

Florida employers have hired 304,000 workers this year who were unemployed eight weeks or more, making the employers eligible for a payroll tax credit, according to a U.S. Treasury report on Monday.


U.S. Rep. Debbie Wasserman Schultz helps launch sex offender probe

South Florida Congresswoman Debbie Wasserman Schultz — who sponsored legislation to intensify and finance a nationwide child-pornography investigation targeting the 500 most dangerous sex offenders — praised the Justice Department’s implementation on Monday of the law passed by Congress in 2008.


259 victims of Scott Rothstein Ponzi fraud are owed $279 million, prosecutors say

Disbarred lawyer’s seized assets are far too little to cover restitution

Federal prosecutors have determined Scott Rothstein had more than 250 victims of his massive investment fraud scheme who are entitled to upward of a quarter-billion dollars in restitution.


Blog:  Nelson says he would back Greene, not Crist

Sen. Bill  Nelson was touting Kendrick Meek on MSNBC this morning, saying he thinks Meek will come on strong in the final weeks before the Democratic primary.


House Again Avoids Vote On Taylor Bill To Add Wind To NFIP

Just before taking a month-long recess, the House once again opted not to act on legislation that would add windstorm coverage to the National Flood Insurance Program.


Research Warns Spill Damage to Gulf Homes Could Reach $28 Billion

The British Petroleum, DeepWater Horizon oil spill may result in a loss in home value in Gulf coast communities of $648 million over one year, according to a new report from CoreLogic, a provider of information, analytics and business services.


Large Brokers To Benefit If Foreign Tax Bill Passes 

A bill before Congress that would tax offshore reinsurance premiums would benefit the three major global insurance brokers if passed, a financial analyst said in a note today.


Two Blockbuster Bills Later, Industry Still Faces High Legislative Heap

For the insurance industry, 2010 may have been the single biggest legislative year in a generation. Capitol Hill’s health and financial reform efforts are re-writing whole swaths of the business.


NAIC ‘re-reviewing’ disclosures on retained asset accounts

The National Association of Insurance Commissioners is “re-reviewing” disclosure requirements regarding retained asset accounts, said Jane L. Cline, the association’s president.


New York Raises Property Damage Threshold for Insurance Surcharges

Good news for New York drivers: They can now damage their cars a little bit more before an insurer can surcharge their policies, thanks to a law change signed this weekend by Governor David Paterson.


Michigan Court Lowers Threshold for Damage Suits Under No-Fault

The Michigan Supreme Court has made it easier for auto accident victims to sue for pain and suffering under the state’s no-fault law.


New Hampshire Medical Malpractice Joint Underwriting Association Policy Holders protest proposed Rules Change

The policy holders who successfully sued the state to prevent the transfer of $110 million from a medical malpractice account have filed their protest to a new legal maneuver that they fear would let the state skirt their legal victory.


Industry Groups:  Federal terrorism insurance backstop a must

If Congress allows the current federal terrorism insurance backstop to expire, an alternative government-backed program must be put in place, the Risk & Insurance Management Society Inc. has told the Obama administration.


A.M. Best Column:  Aristotle Was Right

“The whole is more than the sum of its parts” principle applies to rebuilding costs after property damage

When it comes to rebuilding or repairing a home after it has been damaged, the whole is more than the sum of its parts.


Report:  14 Massachusetts towns save $30M in state insurance system

The decision by 14 Massachusetts cities and towns to enroll workers and retirees in the state’s health insurance plan has saved those communities a combined $30 million in just one year.


Wall Street Journal:  Schumer to Offer Bill on Life Insurer Payouts

Sen. Charles Schumer (D., N.Y.) plans to introduce legislation to change the way some insurers pay beneficiaries on life insurance policies covering federal workers and members of the military.


Insurer ordered to defend ‘Sturgeon King’ against odor allegations

A federal court has turned up its nose at an insurance company’s attempt to brand as “pollution” the smells wafting from the famed Barney Greengrass delicatessen.


Top 10 Reasons Insurers Are Out of Compliance

Claims-handling, licensing and underwriting issues continue to dominate the annual list of market conduct exams

Wolters Kluwer Financial Services, a provider of compliance, content, and technology solutions and services, released its annual lists of the top 10 reasons insurance companies are found to be out of compliance during market conduct examinations.




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