Capital to Courthouse Florida Insurance Report, Thursday, June 01, 2017
Jun 1, 2017
Bill Nelson Alarmed at Slow Pace of Takata Airbag Replacement in Florida
A million and a half Vehicles in Florida have potentially deadly Takata Airbags in them despite a Recall being in effect for two years, U.S. Senator Bill Nelson said Thursday. The Tampa Bay Times’ Alex Leary reports via “The Buzz” blog.
HCI Group Insurance Subsidiary, Homeowners Choice, Improves Coverage and Reduces Risk
According to Paresh Patel, HCI’s Chief Executive Officer, the Company expects to recognize Net Reinsurance Costs on a consolidated basis of approximately $113 Million for the 2017-18 Reinsurance Year, similar to the 2016-2017 Treaty Year.
Congress Should Reject the Border-Adjustment “Tax Increase” on Hurricane Insurance
By soaking up Financial Resources that would otherwise be available for Capital Investment and Consumer Spending, this Tax would discourage Economic Growth, Business starts, Expansions, and Job Creation in our Major Metropolitan Areas, explained former Florida Residential Property and Casualty Joint Underwriting Association Founding Board Member Manny Diaz in today’s Miami Herald.
More Floridians Prepping for 2017 Hurricane Season, Study Says
The 2017 AAA Consumer Pulse Survey released Wednesday found that 77 percent of Florida Residents are making advance preparations for the Storm Season, a 17 percent Increase over 2016. The Orlando Sentinel’s Jeff Weiner reports.
Florida Man Arrested After Torching Business Complex for Insurance Money
The Owner of a Business Complex in Tallahassee, Florida was arrested by Arson Investigators from the Florida Department of Financial Services on charges of Arson and Insurance Fraud, according to CFO and State Fire Marshal Jeff Atwater. Insurance Journal reports.
Florida’s Drought Drops Lake Okeechobee to Risky Water Level
If the Lake Level drops to 10.5 Feet Above Sea Level, that could trigger Emergency Pumping to keep lake water flowing south as well as tougher watering restrictions to conserve South Florida water supplies. Andy Reid reports for the Sun-Sentinel.
Freedom Health to Pay $31 Million in Medicare Settlement
Freedom Health Inc., a Tampa-Based provided of Managed Health Care Services run by Dr. Kiran C. Patel, agreed to pay more than $31 Million to resolve Allegations that the Company was trying to maximize its Payment from the Government by taking advantage of Medicare Plans. The Tampa Bay Times reports.
Governor Scott Now Has Florida Budget; Has 15 Days to Veto or Deal
With a Narrowing Deadline and an uncertain outcome, Florida Legislative Leaders on Wednesday sent the new $82.4 Billion State Budget to Governor Rick Scott, as Education Leaders urged a Veto of all or Major Parts of the Spending Plan. THE NEWS SERVICE OF FLORIDA’s Lloyd Dunkelberger and Dara Kam report via the Palm Beach Post.
· Millions in Local Projects at Stake in State Budget
· Scott has Options with State Budget; Veto All, Line by Line, or Deal
· Backstage Talks Heat Up as Scott, Corcoran Work to Save Priorities
New Florida Law will Provide Certificates for Miscarriages
Florida will become the first state to issue what’s essentially a birth certificate to women who’ve had miscarriages, the Associated Press reports via the Tampa Tribune.
Power Struggle Emerges Over Constitution Revision Commission Rules
Two months after the formation of the Constitution Revision Commission, the Rules Governing the 37-Member Panel remain in turmoil as a power struggle between the Chairman and the rest of the Commission has emerged. The Miami Herald’s Mary Ellen Klas reports via “The Buzz” blog.
Limiting Payments for Repairs to the Fair Market Value of the Home reduces Payments for Homeowners in Lower Income Neighborhoods where Home Values are Low – in effect Discriminating against Homeowners in Lower Income Neighborhoods.
California Lawmakers May Allow Consumers to Sue Banks over Arbitration
California Lawmakers are making headway on Legislation to allow State Residents to Sue Financial Institutions for Fraud, rather than letting Banks force Customers to settle disputes in Arbitration. Reuters’ Lisa Lambert reports via Insurance Journal.
Insurer Group PCI Adds 4 to Federal Relations, Tax Policy Teams
The Property Casualty Insurers Association of America (PCI) announced the addition of Four New Hires in the areas of Federal Government Relations and Taxation. Insurance Journal reports.
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