Colodny Fass Featured in Federation of Regulatory Counsel June 2010 Update
Jun 24, 2010 | By Colodny Fass
Colodny Fass attorneys were featured contributors to the Florida section of the Federation of Regulatory Counsel’s (“FORC”) August 2010 “FORC Alert.” To view the publication, click here. The articles are reprinted below.
Florida Office of Insurance Regulation Urges Insurers to Carefully Analyze Their Reinsurance and Risk Transfer Programs
In Informational Bulletin OIR-10-01M issued on April 12, 2010, the Florida Office of Insurance Regulation (“OIR”) urged property insurers to carefully analyze their reinsurance and risk transfer programs. The OIR noted that, while it is not requiring the purchase of any specific level of catastrophe reinsurance, such as the 1-in-100 year probable maximum loss level, it will evaluate the entire spectrum of catastrophe risk for each insurer, while recognizing the equal importance of protecting insurer surplus from multiple storms of a smaller magnitude.
To view a copy of the bulletin, click here.
Second Judicial Circuit Court Issues Final Judgment in Public Adjuster Case; Decision Appealed
The Circuit Court of the Second Judicial Circuit for Leon County, Florida, issued a final judgment on May 7, 2010 in Frederick Kortum v. Alex Sink, finding in favor of the Florida Department of Financial Services and upholding section 626.854(6), Florida Statutes. The Court held that the 48-hour solicitation ban on public adjusters is constitutional. A notice of appeal of the Court’s decision was filed on May 10, 2010.
To access a copy of the Court’s opinion, click here.
Florida Office of Insurance Regulation Orders Workers’ Compensation Insurance Companies to Refund $9.4 Million in Excess Profits
The Florida Office of Insurance Regulation (“OIR”) announced on May 18, 2010, that it has ordered 16 workers’ compensation insurance companies to return a total of more than $9.4 million in profits to their policyholders pursuant to Florida’s excessive profit law.
Florida Governor Charlie Crist Signs Florida Hurricane Catastrophe Fund Contract Year Glitch Fix Bill
SB 1460 became law with the signature of Florida Governor Charlie Crist on April 15, 2010, effectively returning the Florida Hurricane Catastrophe Fund Contract Year to June 1 through May 31 beginning June 1, 2010. To access complete bill information, click here.
Eleventh Circuit Court of Appeals Rules in Favor of the Florida Office of Insurance Regulation’s Right to Review Non-Florida Viatical Records
On May 5, 2010, the Eleventh Circuit Court of Appeals ruled in favor of the Florida Office of Insurance Regulation (“OIR”) in its litigation with Coventry First, LLC of Florida. The Court affirmed the OIR’s right to review non-Florida related records for viatical providers. There are presently 14 licensed viatical settlement providers operating in Florida.
To view the OIR press release on the case, click here.
To view the Court’s opinion, click here.
FORC is a nationwide association of attorneys specializing in insurance regulatory law. In order to be considered for membership, an applicant must be a lawyer in good standing, with at least seven years of experience in insurance regulatory law, and must bill more than fifty percent of his or her time to insurance regulatory matters. Each member is recommended in writing by three insurance industry executives from unrelated companies who have attested to their skill and competency.
To access the FORC Web site, go to www.forc.org.