Capitol to Courthouse Florida Insurance Report: Thursday, February 26, 2015
Feb 26, 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
9:00 a.m. — Florida Department of Financial Services–Division of Workers’ Compensation Proposed Rule Hearing. The Florida Workers’ Compensation Health Care Provider Reimbursement Manual incorporated in Rule 69L-7.020, and the Florida Workers’ Compensation Reimbursement Manual for Ambulatory Surgical Centers incorporated in Rule 69L-7.100, would be updated to conform to the mandate in paragraph 440.13(12)(b), F.S., limiting workers’ compensation healthcare provider reimbursements to 110 percent of Medicare reimbursement allowances. Manuals containing updated billing codes also would be updated.
10:00 a.m. — Florida Department of Business and Professional Regulation Proposed Rule Hearing. Rule 61-31.701, “Minimum Standards and Practices for Mold Assessors” and 61-31.702, “Minimum Standards and Practices for Mold Remediators.” Teleconference: (888) 670-3525; participant passcode: 2295006118#.
Daily Florida Insurance-Related News
In South Florida Business and Wealth Magazine’s “Ultimate Court of Recognition,” veteran lawyer Mike Colodny was named as a “Leader in Law” finalist in the Insurance category, it was announced by the publication yesterday, February 25, 2015.
$100 million settlement for hundreds in Florida tobacco lawsuits
A $100 million settlement has been reached between three major tobacco companies and hundreds of people who sued them for smoking-related deaths and illnesses in Florida federal court, the Associated Press reports via Advisen.com.
Legislation filed that would allow Uber, Lyft to operate legally in Florida
Ride-share companies Uber and Lyft could operate legally in Florida if legislation filed Wednesday by Senator Jeff Brandes passes this session, bringing an end to nearly a year of feuding with regulators in Tampa, Orlando and Miami. Tampa Bay Times’ Caitlin Johnston reports.
Three Arrested in Florida in Unlicensed Clinic PIP Fraud Scam
Three Central Florida arrests were made by the Florida Division of Insurance Fraud for the operation of an unlicensed clinic in Orlando that was used as part of a personal injury protection fraud scheme, according to the Florida Department of Financial Services. Insurance Journal reports.
Split U.S. Supreme Court sides with fisherman in grouper-tossing case
The U.S. Supreme Court ruled 5 to 4 that Congress did not mean for the Sarbanes-Oxley Act, which prohibits the destruction of “any document, record or tangible object” meant to impede a federal investigation, to include “all objects in the physical world,” Robert Barnes reports for the Washington Post.
Watchdog group says big corporations headquartered in Florida avoid state taxes
As Florida policymakers consider cutting corporate profits tax revenues, nonpartisan research institute Integrity Florida released a study on February 25, 2015 to provide more transparency about the actual corporate profit tax rates being paid by the Fortune 500 corporations headquartered in Florida to state governments in the U.S.
Manny Diaz Jr. files bill to rein in state-funded litigation
Republican State Representative Manny Diaz Jr. of Hialeah Gardens has filed a bill that would prevent entities who receive funding from Florida’s government from suing the state using those taxpayer dollars. SaintPetersBlog.com‘s Peter Schorsch reports.
The Federal Reserve Board will undertake a public comment period before establishing rules it will use in overseeing insurance companies, said Federal Reserve Chairman Janet Yellen. Arthur Postal reports for InsuranceNewsNet.com.
Insurance wins one: Court dismisses Superstorm Sandy-related claims against broker
A federal district court in New York has granted an insurance broker’s motion to dismiss breach of contract, negligence, and consumer protection law claims by a commercial property owner that alleged that its property had been damaged by Superstorm Sandy. Steven Meyerowitz reports for National Underwriter’s PropertyCasualty360.com.
Massachusetts may cut coastal building
Massachusetts is considering limiting development in “high-hazard” coastal areas after decades of vicious, costly storms and predictions of many more in years to come, according to a state commission’s draft report. The Boston Herald reports via Advisen.com.
New Jersey Bill Seeks to Prohibit Home Insurers From Raising Rates After Single Claim
A bill currently under consideration in the New Jersey Assembly would prohibit insurance companies from increasing a homeowners insurance policy’s premium based on one claim filed during the policy’s coverage period, Insurance Journal reports.
New York Financial Regulator Lawsky Says Banks Need Money-Laundering Spot Checks
New York’s banking regulator floated a plan Wednesday to spot-check banks’ money laundering controls and hold executives accountable if they fail. Bloomberg’s George Farrell reports via Insurance Journal.
BitGo Secures First-Ever Comprehensive Bitcoin Theft Insurance from XL Group Insurance Companies
BitGo®, a bitcoin security product, announced yesterday that it has secured first-of-its-kind insurance coverage for bitcoin theft from the global, A-rated XL Group insurance companies. The policy issued to BitGo is the first comprehensive coverage issued by a major, global, A-rated underwriter to a bitcoin company, Virtual Strategy Magazine reports.
- Ex-Goldman director aims to hedge your Bitcoin risk
- RE/MAX London Accepts Bitcoin, Litecoin and Dogecoin
- Bitcoin revolution could be the next internet, says Bank of England
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