Capitol to Courthouse Florida Insurance Report: Monday, May 11, 2015
May 11, 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 Workers’ Compensation Joint Underwriting Association Operations Committee meeting. To view the agenda, click here.
Daily Florida Insurance-Related News
Jury Rules for Deloitte Over Insurance-Company Failures
Florida jury says firm not liable in state’s biggest-ever insurance-company collapse
A jury has ruled that Deloitte & Touche LLP isn’t liable in Florida’s biggest-ever insurance-company collapse, the Wall Street Journal’s Michael Rapoport reports.
Sea rise threatens Florida coast, but there’s no statewide plan to deal with it
St. Augustine’s centuries-old Spanish fortress and other national landmarks sit feet from the encroaching Atlantic, whose waters already flood the city’s narrow, brick-paved streets about 10 times a year — a problem worsening as sea levels rise. The Associated Press reports via the Tampa Bay Times.
Florida’s unclaimed property program returns $2.5 billion to rightful owners since 1961
During Chief Financial Officer Jeff Atwater’s term in the last four years, nearly 40 percent or $1 billion in unclaimed property has been returned to Florida residents, WPTV reports.
Aaron Hernandez’ Insurance Company: We Won’t Pay for Florida Shooting
Now that former NFL superstar Aaron Hernandez is on his way to a life sentence for murder, more legal matters tied to the ex-player’s violent lifestyle are starting to come to light. One situation — a shooting of a Hernandez friend in South Florida after a night at Tootsie’s Cabaret — could prove to particularly problematic. Hernandez is facing a hefty civil lawsuit thanks to the incident, the Broward/Palm Beach New Times reports.
Governor Rick Scott asks hospitals to consider profit sharing
Florida Governor Rick Scott is pitching a new idea to help Florida hospitals handle the potential loss of federal funds: profit sharing. The Miami Herald’s Kathleen McGrory reports via the “Naked Politics” blog.
What might legislative middle ground look like? Some ideas
Florida legislators may have ended their stalemate last week when they agreed to convene a three-week special session to resolve the budget crisis in June, but they didn’t agree on the hard part: how to resolve stark differences over health care. The Miami Herald’s Mary Ellen Klas reports via the “Naked Politics” blog.
$50 million Florida foreclosure prevention plan enrolls 96 people in two years
More than two years after $50 million of taxpayer money was earmarked for a loan modification program to help Florida homeowners, fewer than 100 borrowers have been enrolled and just $2.9 million spent. Kimberly Miller reports for the Palm Beach Post.
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.
North Carolina Debt Option Proposed by Lawmakers to Pay Catastrophic Claims
The state-sanctioned property insurance program in North Carolina coastal counties could borrow to pay for extreme catastrophic losses from hurricanes in legislation making its way through the General Assembly, the Associated Press reports via Insurance Journal.
California Commissioner OKs 10.2% Drop in Workers’ Comp Advisory Rates
Insurance Commissioner Dave Jones signed on to a recommendation by the California Workers’ Compensation Insurance Rating Bureau of an advisory pure premium rate for July that is 10.2 percent lower than those approved on January 1, Insurance Journal reports.
Charter Granted to New York Virtual Currency Company
New York State Department of Financial Services announced Thursday that it has granted a charter under the New York Banking Law to itBit Trust Company, LLC – a commercial Bitcoin exchange, Insurance Journal reports.
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