Florida Insurance Commissioner Reviews Insurer Challenges

Sep 15, 2009

During a review of his recent presentation on the Florida property insurance market at the Florida Cabinet meeting this morning, September 15, 2009, Florida Insurance Commissioner Kevin McCarty described challenges currently being experienced by insurers doing business in the State, such as:

  • Premium reductions from the full implementation of mitigation discounts
  • Fraud
  • Increased reinsurance costs
  • Replacement cost methodology
  • Reported sinkhole claims

To view Commissioner McCarty’s complete talking points from today’s Cabinet meeting, click here.

Following Commissioner McCarty’s August 11, 2009 presentation on the Florida property insurance market, Chief Financial Officer Alex Sink had issued a secondary request for information to Commissioner McCarty in a September 1 letter.  To view that letter, click here.

Commissioner McCarty provided extensive information to CFO Sink in a response dated September 11, 2009.  To view this letter, click here.


SBA Approves Newest Investment Advisory Council Member

The State Board of Administration (“SBA”) Board of Trustees, comprised of Florida CFO Alex Sink, Governor Charlie Crist and Attorney General Bill McCollum, also approved David J. Grain as the newest member to serve on the SBA’s Investment Advisory Council.  The Council provides independent oversight of the SBA’s funds and major investments, including the Florida Hurricane Catastrophe Fund.


Additional information on today’s Cabinet meeting will be provided as it becomes available.

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



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