Capitol to Courthouse Florida Insurance Report–Tuesday, December 9, 2014
Dec 9, 2014
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
- Florida Citizens Property Insurance Corporation Committee meetings
- 9:00 a.m. to 10:30 a.m.–Market Accountability Advisory Committee. Teleconference: (866) 361-7525; participant code: 7849939192#. To view the meeting notice, click here.
- 11:00 a.m. to 12:00 p.m.–Depopulation Committee. Teleconference: (855) 312-8651; participant code: 4458606638#. To view the meeting notice, click here.
- 1:00 p.m. to 2:30 p.m.–Audit Committee. Teleconference: (866) 361-7525; participant code: 3877541849#. To view the meeting notice, click here.
- 3:00 p.m. to 4:00 p.m.–Actuarial and Underwriting Committee. Teleconference: (866) 361-7525; participant code: 8632017402#. To view the meeting notice, click here.
- 4:30 p.m. to 5:30 p.m.–Finance and Investment Committee. Teleconference: (866) 361-7525; participant code: 2478401990#. To view the meeting notice, click here.
- Florida Cabinet meeting; 9:00 a.m. To view the agenda, click here.
- Florida Office of Insurance Regulation (“OIR”) agenda
- For final adoption
- A repeal of Rules 69O-123.001, “Purpose” and 69O-123.002, “Procedure,” relating to the filing of civil remedy notices is proposed because the Florida Department of Financial Services (“DFS”) administers the applicable statutory requirements by Rule 69J-123.002, F.A.C. The OIR does not enforce the provisions of the filing requirements, therefore the Rules are deemed as unnecessary.
- A repeal of Rule Chapter 69O-228 relating to continuing education requirements of insurance representatives is proposed, inasmuch as the OIR does not exercise authority over insurance representatives. Rather, this is the role of the DFS.
- Consideration of proposed amendments to Rule 69O-148.001, which addresses requirements for insurance policies that fund annuities and preneed contracts. Currently, the Rule caps the maximum face amount at $7,500 and the statute caps it at $12,500. The proposed Rule would remove the dollar amount cap and refer instead to the statute, thereby conforming the Rule with current law.
- For publication
- Proposed amendments to Rules 69O-144.005 and 69O-144.007 relating to “Credit for Reinsurance from Eligible Reinsurers” would conform Florida regulations to the corresponding National Association of Insurance Commissioners (“NAIC”) Model Law for accreditation purposes, consistency in how reinsurers are granted the status of “certified reinsurer” (currently termed “eligible reinsurer”), and the manner in which Florida domestic insurance companies can apply credit for reinsurance from these entities.
- Rule 69O-137.001 would be amended to adopt the 2015 NAIC Quarterly Statement Manuals, the 2014 NAIC Annual Statement Instructions Manuals, and the 2014 and 2015 NAIC Accounting Practices and Procedures Manuals.
- Rule 69O-138.001 would be amended to adopt the 2014 and 2015 NAIC Financial Condition Examiners Handbooks.
- Proposed changes to Chapter 69O-162, F.A.C. would adopt annuity mortality tables for use in financial reporting of annuity reserves as set forth in Section 625.121, F.S. The added new mortality table, recently adopted by the NAIC, is based upon recent annuitant mortality of insurers. Adoption will create uniformity among states following NAIC model regulation.
- For final adoption
- Florida Office of Insurance Regulation (“OIR”) agenda
- Florida Insurance Guaranty Association Board of Directors meeting; Orlando, Florida. 9:00 a.m. Closed session to discuss litigation. To view the meeting notice, click here.
- Florida Workers’ Compensation Insurance Guaranty Association Board of Directors meeting; Orlando, Florida. To view the meeting notice, click here.
Daily Florida Insurance-Related News
5 Insurers Approved To Shrink Citizens Insurance
The great shrinkage of Citizens Property Insurance rolls on. State insurance regulators on Friday approved five Florida-based insurers to take up to 132,441 more homeowners policies out of state-run Citizens in February, bolstering the company’s goal to shed as many policies as possible. Tampa Bay Times’ Jeff Harrington reports via the Lakeland Ledger.
Emergency issued in St. Johns County due to coastal storm erosion
St. Johns County issued an emergency proclamation Monday declaring a local state of emergency due to coastal storm erosion, the Florida Times-Union reports.
Sea Level Dilemmas Quietly Swelling on First Coast
Local governments and First Coast advocates are charting steps that communities can take now to avoid being caught unprepared when the tide rises, Steve Patterson reports for the Florida Times-Union.
InsureZone Agency Network Enters Florida, Offering Markets
Fort Worth, Texas-based InsureZone, a national brokerage and agency network, has launched operations in Florida. Insurance Journal’s Andrew G. Simpson reports.
Uber Expands Throughout Florida, Still Faces Legal Battles In South Florida
From Pensacola to Key West, the ride-sharing company Uber announced that its app-based service — specifically its lower cost “uberX” service — will now be available in dozens of new locations around Florida including Naples, Sarasota, Fort Myers and the Florida Keys. Kenny Malone reports for WGCU.com, an affiliate of National Public Radio.
Florida Agency for Health Care Administration withdraws proposed long-term care rule
The Florida Agency for Health Care Administration has withdrawn a proposed managed long term care rule that had both Medicaid HMOs and disability advocates concerned, SaintPetersBlog.com’s Christine Jordan Sexton explains.
Florida House Speaker announces committee appointments
The Florida House published its new list of committee chairs and members yesterday. The Miami Herald’s Kathleen McGrory reports via the “Naked Politics” blog.
With Senate redistricting lawsuit pending, court releases disputed documents
The Florida Supreme Court on Monday thrust into the limelight yet another secret email that reveals the role of political consultants in the redistricting process that could have bearing on the pending lawsuit over Senate redistricting. The Miami Herald’s Mary Ellen Klas reports via the “Naked Politics” blog.
Governor Scott names Mike Carroll as permanent Department of Children and Families chief
Nearly eight months after appointing him, Governor Rick Scott announced on Monday that Mike Carroll will be the permanent secretary of the Department of Children and Families. Steve Bousquet reports via the Miami Herald’s “Naked Politics” blog.
Florida Minimum Wage to Top $8, but Debate Continues
Florida’s lowest-paid workers will get a raise on January 1, but a higher minimum wage sought by state and national Democrats doesn’t appear on the immediate legislative horizon. THE NEWS SERVICE OF FLORIDA’s Jim Turner reports via SunshineStateNews.com.
On Monday, a Tallahassee judge opened the door for a new complaint against Governor Rick Scott that alleges he intentionally withheld public records in violation of state law. The Miami Herald’s Mary Ellen Klas reports via the “Naked Politics” blog.
Madeira Beach Becomes First Official “Bitcoin Beach” In Anticipation of Bitcoin St. Petersburg Bowl
Last week, the Florida city of Madeira Beach became the first municipality in the world to officially embrace Bitcoin.
Florida: Where did all the farmland go?
Seemingly disconnected events and trends around the country have come together to create unprecedented demand for Florida agricultural land, AgProfessional.com reports.
Orlando chosen “most frugal” city in the U.S.
Gainesville-based website CouponsDaily.com has chosen the Orlando area as the most frugal city in the U.S. based on number of free attractions, household income ($45,956) and recreational spending ($7,957), Orlando Sentinel’s Paul Brinkmann reports.
Deal Nears in Extension for Terrorism Insurance
U.S. House and Senate negotiators all but reached agreement on Thursday to extend federal terrorism insurance for six years, a big victory for developers in Lower Manhattan and other areas that insurers see as targets of potentially catastrophic attacks. The New York Times reports via Advisen.com.
Texas Insurance Commissioner Named to Governor-Elect’s Staff
Texas will have a new insurance commissioner sometime early next year as the current commissioner has been named deputy chief of staff for Governor-Elect Gregg Abbott, Insurance Journal reports.
South Dakota Insurance Director Merle Scheiber Resigns
State Labor and Regulation Secretary Marcia Hultman announced today the resignation of Division of Insurance Director Merle Scheiber effective December 29.
Audit Firms Battle New Oversight Rule They Say Will Increase Litigation
Audit regulators are watering down a proposed rule aimed at increasing auditors’ accountability for their work after the industry said that it would open them up to private lawsuits. Bloomberg’s Dave Michaels reports via Insurance Journal.
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