Capitol to Courthouse Florida Insurance Report: Friday, June 7
Jun 7, 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
11:00 a.m.to 12:30 p.m.–Citizens Property Insurance Corporation Information Systems Advisory Committee meeting. Teleconference: 866-361-7525; participant code: 489641229#. To view the meeting notice, click here.
Daily Florida Insurance-Related News
Florida Tops States With Greatest Risk of Storm Surge Damage
CoreLogic report shows that more than just southern states are susceptible
With 1,197 miles of coastline, it is no surprise that Florida comes in at CoreLogic’s number one for the most potential properties at risk, as well as having the most potential exposure to storm surge damage, National Underwriter’s Hannah Bender reports for PropertyCasualty360.com.
Although Florida Governor Rick Scott has been a vocal critic of federal overspending, he believes federal automatic cuts will result in more time needed to mobilize Florida’s National Guard, writes Phil Ammann for SaintPetersBlog.com.
Mike Fasano questions Florida Hurricane Catastrophe Fund contract over condo coverage
The New Port Richey Republican is wondering whether Florida’s Hurricane Catastrophe Fund reinsurance fund contract, which prohibits coverage for condos rented out six times during the year, violates state statutes that make no provision for such an exemption. The Florida Current’s Gray Rohrer reports.
Proposed New York Insurance Reforms a Florida-Proven Formula for Hurting Customers, PCI Explains
Industry groups are warning that the New York State Assembly’s recent approval of the post-Sandy insurance reform package has the potential to backfire and are urging the state Senate not to take up this legislation, Insurance Journal reports.
Florida Health Choices’ unveiling imminent
Gov. Rick Scott on Wednesday signed SB 1844, spending $900,000 on the Florida Health Choices program, an online marketplace created in 2008 that hasn’t sold anything yet, reports James Call for The Florida Current.
National Producer Licensing Bill Moves to Full U.S. Senate
NARAB II legislation providing a mechanism for establishing true nonresident licensing reciprocity was reported out of the Senate Banking Committee, National Underwriter’s Arthur Postal reports for PropertyCasualty360.com.
Oklahoma Supreme Court Invalidates Civil Justice Law
A civil justice reform measure hailed in 2009 as the most comprehensive bill to ever affect Oklahoma’s legal system has been declared unconstitutional by the Oklahoma Supreme Court, Tim Talley reports for Insurance Journal.
New Hampshire Insurance Commissioner Sevigny’s Reappointment Confirmed
New Hampshire’s Executive Council has unanimously confirmed on Wednesday the reappointment of Roger Sevigny to another five-year term as the state’s insurance commissioner, Insurance Journal reports.
Texas Governor Rick Perry Opens Texas as Captive Domicile
Texas Governor Rick Perry has signed legislation that makes Texas a captive insurance domicile, Rod Zolkos of Business Insurance reports.
Guy Carpenter on June 1 Renewals: Alternative Capital Keeps Reinsurance Pricing Low
Mark Ruquet of National Underwriter’s PropertyCasualty360.com reports that the influx of alternative capital from the investment community is keeping reinsurance prices low with plenty of capacity available heading into the Atlantic Hurricane season, according to reinsurance broker Guy Carpenter.
Reinsurer Southport Re First to Leverage Amended Cayman Insurance Law
Southport Re (Cayman) Ltd, the reinsurance subsidiary of New York City-based private equity firm Southport Lane, has become the first insurer in the Cayman Islands to take advantage of the jurisdiction’s recently amended Insurance Law by changing its company classification, Michael Klein of the Cayman Compass reports.
XL Group creates new reinsurance division for emerging markets
XL Group plc has created a new reinsurance division focused on emerging markets, Canadian Underwriter reports.
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