Florida Cabinet To Review OIR New Capital Report; Actuary Expected to be Confirmed to Cat Fund Advisory Council

Sep 14, 2009

The Florida Cabinet is scheduled to meet on September 15, 2009.  Insurance-related items on the agenda include:


State Board of Administration

The State Board of Administration (“SBA”) will request Cabinet approval of the appointment of Floyd M. Yager as actuarial representative to the Advisory Council of the Florida Hurricane Catastrophe Fund (“FHCF”).  Florida law requires the SBA to appoint a nine-member advisory council, one of which must be an actuary. Members of the FHCF Advisory Council serve at the pleasure of the State Board of Administration.


Florida Office of Insurance Regulation

The Florida Office of Insurance Regulation (“OIR”) agenda will include a review of the property insurance presentation given by Florida Insurance Commissioner Kevin McCarty at the August 11 Cabinet meeting. 

This report, which was created by the OIR in response to a request from Florida Chief Financial Officer Alex Sink, provides specifics on the infusion of new capital into the Florida insurance market during the time period from January 1, 2006 through July 1, 2009.  The report comprises three categories:  1) new companies, 2) companies already licensed in Florida, but now writing new business, and 3) surplus lines companies. To view a copy of the OIR report, click here.

To view a report on the August 11 Cabinet meeting, click here.

To view the complete Cabinet agenda for September 15, click here.


Significant Growth Management Issue to be Reviewed

A significant non-insurance matter before the Cabinet on September 15 involves a decision that is expected to have statewide implications by testing Florida’s growth management policy.  To view a St. Petersburg Times article about this issue, click here.


Should you have any questions or comments, please contact Colodny Fass.


The Florida Financial Services Commission (“FSC”) comprises the Governor and Cabinet (Governor Charlie Crist, Attorney General Bill McCollum, Chief Financial Officer Alex Sink and Commissioner of Agriculture Charles H. Bronson).  The FSC regulates the banking, securities and insurance industries and appoints the officials who oversee the Office of Financial Regulation and the Office of Insurance Regulation, which are administratively housed in the Florida Department of Financial Services, but report directly to the FSC.  For more information on the FSC, click here.


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