Capitol to Courthouse Florida Insurance Report: Friday, June 14
Jun 14, 2013
To go directly to the section of your choice, click on a hyperlink below. Other hyperlinks to meeting information, bills and news are noted in bold type.
Daily Florida Insurance-Related Events
9:00 a.m.–Florida Insurance Guaranty Association Finance and Audit Committee meeting. Tallahassee, Florida. Discussion of American Guaranty Fund Group Audit Report, 990 Tax Return and 2013 Audit Fees. To view the meeting notice, click here.
Daily Florida Insurance-Related News
Opinion: Hedge Funds, Russian Oligarchs Only Benefactors of “Beach House Bailout”
With Sen. Bill Nelson (D-FL) expected any day now to reintroduce his proposal to have federal taxpayers backstop the risk of state catastrophe funds, it bears examining just who it is that would benefit from the cheaper property insurance rates his legislation promises, blogs R.J. Lehman of R Street Institute.
Letter to the Editor: National Catastrophe Insurance Needed
There is a solution to the insurance crisis in Florida, a reader writes to the Sun-Sentinel, explaining that America should have the federal flood insurance program converted to a national catastrophic insurance program that all residents in the country are urged to purchase.
New Florida law makes trucker texting and driving a primary offense
Unlike motorists, Florida truckers can be stopped and fined for texting while driving under a law Gov. Rick Scott signed on Wednesday, reports Lloyd Dunkelberger for the Sarasota Herald-Tribune.
Move over speed law a belated victory for former Florida Senator Bennett
For 10 years in the Legislature, Bennett, R-Bradenton, pushed for legislation to force drivers going below the speed limit out of the far left lane on state roads. Bennett said the slower cars slow traffic and add to the problem of road rage, Jeremy Wallace reports for the Sarasota Herald-Tribune.
A.M. Best Upgrades FCCI Insurance, Subsidiaries
A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and issuer credit ratings to “a” from “a-” of FCCI Insurance Company and its five reinsured subsidiaries, AM Best reports in PYMTS.com.
Florida appeals court upholds $20 million tobacco wrongful death award
An Ocala woman who was awarded $20 million in punitive damages following a 2010 Alachua County wrongful death suit against a tobacco company earned another victory Thursday when the award was upheld by the 1st District Court of Appeal, Cindy Swirko reports for the Ocala Star-Banner.
Florida Initiates Unique Workers’ Compensation Fraud-Detection Tool
On Friday, June 7th, Florida Governor Rick Scott signed into law a bill that will provide state fraud investigators a very unique tool. The law mandates the creation of a database that check cashing stores in the state will be required to use to report check cashing transactions greater than $1,000, Robert Wilson reports in WorkersCompensation.com.
Florida Farm Bureau Insurance Funds Future Farmers Headquarters in Gainesville
Partially funded by the Florida Farm Bureau Casualty Insurance Company, the Florida Future Farmers of America Association plans to build a new $1.5 million headquarters building on the campus of the Florida Farm Bureau in Gainesville, the Gainesville Sun reports.
Florida Governor signs law to help Holocaust survivors seeking restitution
A bill passed by the Legislature and signed by Gov. Rick Scott (HB 913) will allow the state to help Holocaust survivors seek restitution for Nazi-confiscated bank accounts, art and property, The Miami Herald’s Rochelle Koff reports.
Florida Resumes Talks With Amazon On Distribution Center
Gov. Rick Scott, who last month spurned Amazon’s proposal to set up distribution operations in Florida, said Thursday the state is back in negotiations with the online retail giant for a $300 million project that could create more than 3,000 jobs, Bill Cotterell reports for The Florida Current.
Florida Chamber Says State Representative Larry Metz is “Most Valuable” Legislator
State Representative Larry Metz, R-Yalaha, a legislator who worked for three years to modernize legal standards for expert witness testimony, won the state Florida Chamber of Commerce “Most Valuable Legislator” award yesterday, Bill Cotterell reports for The Florida Current.
Florida Governor Remains Opposed to State University Tuition Increases
Gov. Rick Scott stood firm Thursday in his opposition to a tuition increase for state universities. The boards of trustees at both the University of Florida and Florida State University voted last week to raise tuition 1.7 percent, The Florida Current’s James Call reports.
Florida Congressional Races Take Shape
As the 2014 election cycle draws closer, Florida can expect, once again, to be one of the nation’s top political battlegrounds, Jeff Henderson reports for SunshineStateNews.com.
Accused Florida robber says National SecurityAgency phone records will exonerate him
A Fort Lauderdale, Florida, man on trial for robbery is hoping for some help in his defense from a newly discovered source – the National Security Agency’s phone surveillance data.
Federal Insurance Office Director Rejects IAIS Conspiracy Allegations
The director of the Federal Insurance Office rejects industry and congressional allegations it is somehow conspiring with foreign regulators to establish capital standards that will undermine the competitiveness of U.S. insurers, Elizabeth Festa and Arthur Postal report for National Underwriter’s PropertyCasualty360.com.
- NAIC Says Federal Insurance Office Participation in Supervisory Colleges is Inappropriate
- European Insurers See Capital Rules at Crossroads
NAIC Questions New York’s Call for Life Insurance Captives Moratorium
National Association of Insurance Commissioners President Jim Donelon questioned the need for a countrywide halt on approvals of captive insurance deals one day after New York’s regulator said the transactions hide risk, Bloomberg’s Megan Hickey and Zachary Tracer report for Insurance Journal.
Anthem Blue Cross dismissed from California health exchange for excessive rate hikes
California Insurance Commissioner Dave Jones, in an unusual move, wants Anthem Blue Cross barred from the state’s new health exchange for small businesses because of the company’s excessive rate hikes in the past, Chad Terhune reports for the Los Angeles Times.
Massachusetts Auto Glass Repair Rule Hearing Scheduled
The Massachusetts Division of Insurance said it will hold a public hearing on June 28 regarding the proposed new regulation 211 CMR 135.00, “Requirements Regarding Referrals to Motor Vehicle Glass Repair Shops.” A copy of the proposed regulation can be found at the Division of Insurance’s website (a PDF file).
Bermuda Premier Won’t Agree to United Kingdom Territories Tax Deal Prior to G8 Summit
Bermuda’s premier is not ready to sign an international transparency convention that he said Britain’s prime minister had planned to achieve ahead of the G8 summit in Northern Ireland next week, potentially scuppering a broad deal, Tom Bergin reports for Reuters.
Offshore captives financing market braced for increased scrutiny
Reserve financing using offshore captives is big business in the US. Yet what started as an innovative method of moving excessive reserve requirements off balance sheet has turned, in some regulators’ minds, into a dark art that puts policyholder protection at risk, Louie Woodall reports for Moody’s Analytics in Risk.net.
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