Capitol to Courthouse Florida Insurance Report: Friday, October 25
Oct 25, 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
10:00 a.m.–Florida Office of Insurance Regulation (“OIR”) hearing. The Florida Legislature has directed the OIR to “review Florida law and regulations to determine whether there are adequate protections for purchasers of life insurance policies in the secondary life insurance market to ensure that this market continues to exist for Florida seniors.” The OIR must issue a report to the Legislature on its findings by December 1, 2013. To view the hearing notice, click here.
Daily Florida Insurance-Related News
Homeowners Choice Plans to Offer Its Policyholders a Solution to Skyrocketing Flood Insurance Rates
In a news release, Homeowners Choice Property & Casualty Insurance Company, Inc., a wholly-owned insurance subsidiary of HCI Group, Inc. announced today its plan to offer flood insurance in the state of Florida. Homeowners Choice has submitted the related forms and rate filings with the Florida Office of Insurance Regulation.
R-Street: Changes to Florida property insurance are welcome
While politicians have repeatedly tinkered around the edges of true Citizens Property Insurance Corp. reform, this session, legislators are looking to place substantial focus on the property insurance subsidies received by Citizens policyholders who live outside the state or country, R-Street Institute Director Christian Camera writes in this Ft. Myers News-Press Editorial Opinion.
New York Life settles with Florida, other states
The unclaimed property saga continues
New York Life Insurance Co. has agreed to pay $15 million to Florida and other state insurance regulators in a deal that resolves all state regulatory and comptroller/unclaimed property agency enforcement actions dealing with the company’s unclaimed property practices, Arthur Postal reports for National Underwriter’s LifeHealthPro.com.
Florida, New York Workers’ Comp Reforms Working, But Officials Say More Needs to Be Done
Both Florida and New York are reporting that their respective workers’ compensation reforms are having an impact, but officials in both states indicated that further changes, likely through additional legislation, are necessary, Arthur Postal reports for National Underwriter’s PropertyCasualty360.com.
Governor Scott: All agencies must find cuts in search for $100 million in savings
State agencies hoping to replenish their budgets next year in light of a healthy projected surplus may be in for disappointment, The Florida Current’s Gray Rohrer reports.
Florida GOP blasts Charlie Crist on eve of Democratic gathering
On the eve of the Florida Democratic Party’s election-year kickoff in Orlando, state Republican leaders ganged up on former Gov. Charlie Crist Thursday and said the Democrats are in “pathetic” shape if they can’t do better than nominating the former GOP governor next year, Bill Cotterell reports for The Florida Current.
New York Senators: Homeowners Need More Time to Sue Insurers After Sandy
New York’s two senators are asking that the Federal Emergency Management Agency give homeowners in the state affected by Superstorm Sandy more time to file suits against their insurance carriers, reports Arthur D. Postal for PropertyCasualty360.com.
Louisiana seeks to build national coalition against sky-high flood insurance
With efforts to delay extreme hikes to flood insurance premiums stalled in the U.S. Congress, Louisiana state legislators have started to look at what they can do to address the sky-high rates residents are facing for flood insurance renewal, Julia O’Donoghue writes for NOLA.com and The Times-Picayune.
North Carolina Captive Insurance Law Now in Effect
The North Carolina Captive Insurance Act, signed into law on June 19, is now in effect, allowing for the formation of captive insurance companies in the state, Insurance Journal reports.
Wall Street Journal: Built on Stilts
Homes reach new heights to defy high wind and waves. Tough construction codes add design challenges; move-in with a forklift, Candace Jackson reports for the Wall Street Journal.
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