Capitol to Courthouse Florida Insurance Report – Friday, May 12, 2017
May 12, 2017
A Guide to Help You Navigate Hurricane Insurance Marketplace
A potentially Darker 2017 Hurricane Outlook hangs on a “Knife’s Edge” of pending weather factors, one forecaster says, but South Florida Home Owners are already doused with Rising Insurance Rates and a wave of Mergers and Capital Infusions to prop up Insurers threatened with Lower Financial Ratings. The Palm Beach Post’s Charles Elmore reports.
Another Florida Legislature Session has ended, and another attempt to Pass Assignment of Benefits Reform failed. Beth Luberecki reports for the Florida Business Observer.
Florida State University: Citizens Property Insurance Corporation Still Vulnerable to Underfunding
Subsidized Insurance Premiums can also create a “Moral Hazard,” allowing Policyholders to make risky decisions because they do not have to bear the full costs of their actions. Chad Thomas writes for FSU’s DeVoe L. Moore Center blog.
Lyft Sharpens Attack Strategy to Battle Uber in Coveted South Florida Market
Lyft, the feisty Arch-Rival of Uber in the Ride-Hailing Wars, is sharpening its attack strategy to go after more Market Share Nationally and in South Florida. The Miami Herald’s Nancy Dahlberg reports.
· Uber Will Test Workers’ Comp-Esque Insurance Coverage for South Carolina Drivers
Former U.S. Rep. Corrine Brown Convicted of Federal Fraud Charges
On Thursday, a Federal Jury in Jacksonville Convicted the Former 12-Term Congresswoman on 18 of 22 Corruption Counts ranging from Mail Fraud to Filing a False Federal Tax Return. Daniel Ducassi reports for Politico Florida.
Joe Negron Seeks Guidance on Medical Marijuana
Without using the words “Special Session,” Senate President Joe Negron is seeking “Ideas” from fellow Senators after the 2017 Legislative Session. FloridaPolitics.com’s Jim Rosica reports.
· Florida Medical-Marijuana Clamor Includes Special-Session Possibility
· Defiant Medical Marijuana Vendor is Selling the Smokeable Product
Mercury Loses Argument to Charge Consumers for Tennis Sponsorship
The California Supreme Court rejected Mercury Insurance and a Coalition of Insurance Industry Groups’ latest volley in their repeated and coordinated attempts to undermine the Consumer Protection Ground Rules established by Proposition 103—approved by California Voters in 1988.
Flood Insurance Considerations as NFIP Expiration Looms
Senate and House Legislation to Reauthorize the National Flood Insurance Program both contain provisions meant to Foster Private Carriers’ involvement in the Flood Insurance Market. PropertyCasualty360.com reports via the PCI SmartBrief.
Trump Administration Approves Just $6M of North Carolina’s $929M Matthew Aid Request
North Carolina Governor Roy Cooper wrote the Trump Administration and Congressional Leaders on Wednesday to express disappointment over the failure to meet the State’s Request for more than $900 Million in Hurricane Matthew Recovery Funds.
Judge Finds Alabama Workman’s Compensation Act Unconstitutional
A Judge has Ruled that Two Statutes of the Alabama Workmans Compensation Act are Unconstitutional, thereby rendering the Entire Act Unconstitutional because of a Non-Severability Statute. The Associated Press reports via Insurance Journal.
Allstate’s Encompass Insurance to Exit Massachusetts This Summer
Encompass Insurance, an Allstate Insurance Company that sells Business through Independent Agents, Outlined in its First Quarter 2017 Earnings News Release its intent to withdraw from Massachusetts as part of its Profit Improvement Actions starting in late June of this year. Elizabeth Blosfield reports for Insurance Journal.
Kinion to Continue as Delaware Captive Insurance Bureau Director
Delaware Insurance Commissioner Trinidad Navarro announced at The Delaware Captive Insurance Association’s Spring Forum that Steve Kinion will continue his Leadership as Captive Bureau Director for another year. Elizabeth Blosfield reports for Insurance Journal.
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