Capitol to Courthouse Florida Insurance Report: Friday, May 8, 2015
May 8, 2015
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.–Florida Division of Insurance Agents and Agency Services Rule Development Workshop. Tallahassee, Florida. Rule 69B-231.020 sets forth the scope of Chapter 69B-231, which contains penalty guidelines for insurance representatives licensed by the IAAS. Proposed amendments to the Rule would provide that the Chapter is applicable to managing general agents and surplus lines agents. It also deletes subsection (2) since it unnecessarily lists licensees that are not subject to the Rule Chapter. To view the workshop notice, click here.
Daily Florida Insurance-Related News
Florida Jury Deliberates Deloitte Insurer Auditing Case
A dispute over whether Deloitte & Touche LLP should be held liable for Florida’s biggest-ever insurance-company collapse is headed toward its conclusion in a Tallahassee, Florida, courtroom. The Wall Street Journal’s Michael Rappoport reports.
More than 30,000 policies removed from Florida’s Citizens Property Insurance
More than 30,000 insurance policies have been approved to move from Citizens Property Insurance to private insurers, bringing the total number of policies approved for being shifted out to 632,286. Alexa Epitropoulos reports for the Jacksonville Business Journal.
Climate change will force Florida’s local governments to act
Climate change is already forcing parts of the Sunshine State to adapt or sink, and rising sea levels are expected to impact everything from insurance rates to racial relations as Southwest Florida feels more of the ecological sting. Chad Gillis reports for the Ft. Myers News-Press.
Flood insurance flexibility bill goes to Rick Scott’s desk for approval
A measure sponsored by Florida Senator Jeff Brandes aimed at increasing flexibility and lowering premiums on insurance premiums has made it as far as the Governor’s Office, where it sits pending his approval, SaintPetersBlog.com reports.
Governor Scott files injunction to get federal hospital funds
After striking out with federal officials, Governor Rick Scott accelerated his efforts Thursday to secure federal funding for hospitals’ care for the poor, filing an injunction aimed at preventing the Obama Administration from ending the program. The Orlando Sentinel’s Gray Rohrer reports via the “Central Florida Political Pulse” blog.
June 1 is “Risky Business” for Florida lawmakers
The vast majority of Florida legislators won’t have much to do during the upcoming Special Session, SaintPetersBlog.com’s Peter Schorsch writes, asking “What could possibly go wrong?”
Many outside groups aren’t fighting to be part of Florida’s Special Session
Special interest groups whose issues weren’t resolved this spring have no guarantee they’ll secure a spot on the agenda for the special session scheduled to start June 1. And many of them aren’t even trying, opting instead for a rallying cry they might make after a more typical session: Wait until next year. Michael Auslen reports for the Tampa Bay Times.
U.S. Seeks Dismissal of MetLife Suit Challenging Systemic Designation
MetLife Inc.’s lawsuit challenging its designation by regulators as critical to the economy should be thrown out, U.S. Justice Department lawyers said without making public their arguments to the judge. Bloomberg’s Andrew Zajac and Ian Katz report via Insurance Journal.
Republican Senate Bill on Dodd-Frank, Insurance Changes Expected Next Week
The chairman of the Senate Banking Committee is pushing ahead with a bill to ease rules across sections of the financial industry after the first round of efforts to work with his Democratic counterpart failed, Reuters Michael Flaherty reports via Insurance Journal.
Demotech Comments on First Protective and Fidelity Fire & Casualty Merger
Fidelity Fire & Casualty Company has merged with First Protective Insurance Company. As First Protective Insurance Company and Fidelity Fire & Casualty Company had both earned Financial Stability Ratings® of A, Exceptional, from Demotech, Inc., the FSR assigned to First Protective Insurance Company, the surviving entity, the FSR of A, Exceptional, has been affirmed. InsuranceNewsNet.com reports.
FEMA will ask Superstorm Sandy homeowners if they want to re-open claims
Homeowners insured through the National Flood Insurance Program who think they were shortchanged for Superstorm Sandy damage are getting another chance for reimbursement. The Associated Press reports via the New York Daily News.
New New Jersey law allows for electronic proof of auto insurance
Police who ask drivers for proof of auto insurance in New Jersey will have to accept images on a phone, tablet or computer, the Associated Press reports via the New Jersey record.
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