Capitol to Courthouse Florida Insurance Report – Monday, June 05, 2017
Jun 5, 2017
Florida Gears Up for “Busier Than Usual” 2017 Hurricane Season
The Sunshine State is in particular danger during Hurricane Season due to its unique position between the Gulf of Mexico and the Atlantic Ocean. SunshineStateNews.com’s Allison Nielsen reports.
· Storm Clouds Already Gathering, Financial and Philosophical, this Hurricane Season
· Florida Beaches Damaged by 2016 Storms not Ready to Weather this Hurricane Season
· Universal Insurance Projecting Strength Heading Into Hurricane Season
Nephila and Velocity MGA Aim for Fifth Florida Citizens Takeout
Nephila Capital, the ILS, Catastrophe Reinsurance and Weather Risk-Linked Investment Fund Manager, is targeting the takeout of another clutch of Property Insurance Policies from Florida Citizens.
Two Florida Medicare Advantage Insurers Settle Whistleblower Lawsuit for $32 Million
Two Florida Medicare Advantage Insurers have agreed to pay nearly $32 Million to settle a Whistleblower Lawsuit that alleged they exaggerated how sick Patients were and took other steps to Overbill the Government Health Plan for the Elderly. Kaiser Health News reports via the Sarasota Herald-Tribune.
Scott OKs Payments in Deaths, Injuries
Many of the Claim Bills, among more than 30 measures Scott Signed into Law Friday, came years after people were Injured or Killed and Lawsuits were Filed alleging Negligence by Government Agencies. THE NEWS SERVICE OF FLORIDA’s Jim Turner reports via the Gainesville Sun.
· Rick Scott Signs 33 Bills Into Law
Florida Man Arrested for Running Shell Company Workers’ Comp Scam
A Florida man has been arrested for allegedly operating a Shell Construction Company for the sole purposes of Selling the Company’s Workers’ Compensation Certificate, according to a Statement from Chief Financial Officer Jeff Atwater. Insurance Journal reports.
Scott Vetoes Entire Public Education Budget and $409 Million in Local Projects
Governor Rick Scott on Friday slashed the entire $11 Billion Public School Budget and Eliminated $409 Million in Local Projects from the Legislature’s $83 Billion Spending Plan, setting the stage for a Special Session next week to Increase Funding to Schools. The Miami Herald’s Mary Ellen Klas reports via the “Naked Politics” blog.
· Rick Scott Signs State Budget — Minus Nearly $12 Billion in Line Item Vetoes
· Another Backroom Budget Deal Sparks More Legislator Frustration
· Yes to Bigger Budget but Still No on HB 7069, Public School Advocates Say
Rick Scott, Legislative Leaders Set Special Session for Next Week
Scott, Senate President Joe Negron and Florida House Speaker Richard Corcoran announced the Agreement on Friday after a tense Regular Session which ended last month. Corcoran Opposed Scott’s Priorities of Funding Enterprise Florida and Visit Florida, leading to an All-Out War over the Agencies from March to May. SunshineStateNews.com reports.
· Special Session Called to Tackle Economic Programs, Public Education Funding
Legislature’s Special Session May Produce Medical Marijuana Rules
As Florida Lawmakers contemplate revisiting the Medical Marijuana Issue in a Special Legislative Session and reviving a failed effort to establish Regulatory Guidelines for the Voter-Approved Industry, a System for accessing the treatment already is taking shape. The Sarasota Herald-Tribune’s Zac Anderson reports.
How Cyndi Stevenson Scored a “Significant Win for Craft Distilleries”
Florida Governor Rick Scott signed 33 Bills into Law Friday, including Northeast Florida State Representative Cyndi Stevenson’s Bill (HB 141) to remove some Restrictions from Craft Distilleries. A.G. Gancarski reports for FloridaPolitics.com.
Florida Ranks Fourth in Drawing Private Equity Dollars
Private Equity Funds Invested $41.8 Billion in 219 Florida-Based Companies in 2016, supporting 33,733 Jobs, according to the American Investment Council’s Annual Analysis released Thursday. The Miami Herald’s Nancy Dahlberg reports.
Texas Windstorm Insurer: Finances Sound at Start of Hurricane Season
TWIA said its 2017 Season Funding includes a Contribution of $147 Million to the Catastrophe Reserve Trust Fund as a result of 2016 Operations, bringing the Balance to almost $740 Million — the Highest in the Association’s History. Insurance Journal reports.
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