Capitol to Courthouse Florida Insurance Report: Friday, January 24
Jan 24, 2014
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Daily Florida Insurance-Related Events
There are no insurance-related events scheduled for today.
Daily Florida Insurance-Related News
Florida’s Citizens Property Insurance Not Immune From Willful Torts, Court Says
Florida’s Citizens Property Insurance Corporation’s immunity from bad faith does not extend to the “willful tort” of failing to attempt in good faith to settle claims as provided by Florida law, the First District Court of Appeal said yesterday in its Perdido Condominiums opinion.
Homeowners Choice Becomes First Carrier to Offer Flood Insurance in Florida
Homeowners Choice Property & Casualty Insurance Company, Inc., a Florida based provider of homeowners insurance and wholly-owned insurance subsidiary of HCI Group, Inc., announced at a press conference it is the first admitted homeowners insurance carrier to provide flood insurance in the state of Florida since the advent of the Biggert-Waters Flood Reform Act of 2012.
Fitch: Florida Citizens Property Insurance Clearinghouse to Increase Reinsurance Demand
The imminent launch of a property insurance clearinghouse in Florida that will push more business to private insurers will also moderately increase demand for private market and capital market reinsurance, Reuters reports on a Fitch Ratings statement released yesterday. However, the continually increasing capacity from both traditional and non-traditional reinsurance providers means the ultimate impact on reinsurance pricing is likely to be muted.
State lawmakers push for transparency in drilling rights beneath Florida homes
State lawmakers are hoping to bring some order to the controversial practice of builders pocketing the mineral rights beneath Florida homes, Tampa Bay Times’ Drew Harwell reports.
Finger pointing abounds in unemployment site, flood insurance shambles
Governor Rick Scott seeks to deflect blame for thousands of unemployment benefits delays by scolding President Obama about flood insurance rate hikes hitting thousands of Florida homeowners, The Florida Current’s Gray Rohrer reports.
Red light bribe scandal could be widespread
Fired Redflex exec names Florida, 13 other states, says he’s aiding federal inquiry
A fired executive of Chicago’s beleaguered red light camera company alleges in a lawsuit that Redflex Traffic Systems doled out bribes and gifts at “dozens of municipalities” in 13 other states and says he is cooperating in an ongoing federal investigation, the Chicago Tribune’s David Kidwell reports.
Judge questions validity of $1 billion Medicaid contract
An administrative law judge is urging the state to rescind a $1 billion Medicaid managed-care contract in Miami-Dade and Monroe counties. In a nonbinding recommendation, Judge John Van Laningham said Prestige Health Choice is not technically a “provider service network” and therefore its bid should not have been considered. The Miami Herald’s Kathleen McGrory reports.
Florida searches for common ground on new trauma center rules
Representatives from long-standing trauma centers sat down yesterday with officials from new trauma centers in hopes of building consensus around the Department of Health rule that will determine how new trauma centers are established, Tampa Bay Times’ Tia Mitchell reports for the Miami Herald’s “Naked Politics.”
Florida Jury Awards $12.5 Milion in Baptist Minister Sex Abuse Case
A central Florida jury has awarded $12.5 million in damages to a young man who was sexually abused by a Baptist minister when he was a child, the Associated Press reports via Insurance Journal.
Flush with surplus, Scott wants to boost funds for favored programs
In a steady leak of budget proposals this month, Governor Rick Scott looks prepared to push for a veritable spending spree this year, The Florida Current’s Gray Rohrer reports.
Regulators Reviewing Berkshire Hathaway for Systemic Risk
Regulators are starting to scrutinize Warren Buffett’s Berkshire Hathaway Inc. to determine whether it is important enough to the financial system to require Federal Reserve supervision, according to two people with knowledge of the matter, reports Bloomberg via Insurance Journal.
NOAA Charts Earth’s Major Climate Events & Anomalies in 2013
As temperatures plummet across the country this week, it’s important to remember that extreme weather and climate events-such as drought, heavy rain and heat waves-are a natural part of the Earth’s climate system. Nonetheless, as the National Oceanic and Atmospheric Administration notes, extreme weather and climate events can have significant impacts on our lives and on the environment, National Underwriter’s PropertyCasualty360.com reports.
Mississippi Insurance Chief Urges Background Checks on Home Security Personnel
Mississippi Insurance Commissioner Mike Chaney said he’d like to see security system sales people subject to background checks, the Associated Press reports via Insurance Journal.
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