Capitol to Courthouse Florida Insurance Report – Wednesday, August 03, 2016
Aug 3, 2016
Public Hearing Set for Proposed Citizens Insurance Rate Hike
Rate hike proposals averaging nearly 10 percent next year for South Florida customers of Citizens Property Insurance will be scrutinized in Public Hearings in Tallahassee on August 18. Ron Hurtibise reports for the Sun-Sentinel.
Rising Sea Levels Could Cost Florida, U.S. Homeowners Close to $1 Trillion
Florida could lose close to 1 million homes, or 13 percent of the State’s current stock by the end of the Century thanks to sea level rise. That comes out to $400 billion in value—a figure that doesn’t include losses to commercial buildings or public infrastructure or account for future appreciation in home value. Bloomberg’s Patrick Clark reports.
Greenlight Re Seeks Recovery in Mortgage Market After Construction, Vehicle, Florida Losses
David Einhorn’s Greenlight Capital Re Ltd., the reinsurer seeking to reverse underwriting losses, is pushing into the mortgage-guaranty market after being burned by fraudulent claims on property policies in Florida. Bloomberg’s Sonali Basak and Simone Foxman report via Insurance Journal.
For several years, the Florida First District Court of Appeals has been holding live oral arguments at the annual Workers’ Compensation Educational Conference in Orlando, Florida. This year’s date of the oral argument is Tuesday, August 23, 2016 at 1:00 p.m.
Claims Bills Filed for 2017 Florida Legislative Session
Under the Legal Doctrine of Sovereign Immunity, Florida Law limits Local Governments and other Public Bodies to paying no more than $200,000 per person in damages unless Lawmakers approve extra money. FloridaPolitics.com’s Jim Rosica reports.
Zika Virus Spreading in Miami as New Local Case Reported
Zika Virus is spreading in South Florida, State Health Officials confirmed on Tuesday, with reports of a new locally transmitted case in Miami-Dade County — this one outside of the Miami neighborhood where the Nation’s first cluster of local infections emerged in July, The Miami Herald reports.
Florida Cabinet Names Permanent Head of Veterans’ Affairs
A longtime Chief of Staff and Legislative Affairs Director for the Florida Department of Military Affairs was unanimously appointed Tuesday by Governor Rick Scott and the State Cabinet as Executive Director of the Department of Veterans’ Affairs, THE NEWS SERVICE OF FLORIDA’s Jim Turner reports via The Miami Herald.
Most Violent States in the U.S. Where Does Florida Rank?
Florida was ranked by the Wall Street Journal as the 8th most violent State in the U.S., the Palm Beach Post’s Zach Dennis reports.
State of Florida Resumes Borrowing For Education Projects
Reversing a five-year trend, Governor Rick Scott and the Florida Cabinet on Tuesday unanimously agreed to borrow $285 million over the next few years to build and maintain facilities for state universities, colleges and public schools. THE NEWS SERVICE OF FLORIDA’s Lloyd Dunkelberger reports via CBS Miami.
Florida’s Pension Fund Ekes out Gain in Volatile Year
Despite a topsy-turvy year in the World Financial Markets, Florida’s $142 billion Pension Fund managed to show a gain for the seventh straight year, the Gainesville Sun reports.
N.Y. Attorney General: Nation’s Flood Insurance Program Defrauding Taxpayers
A new report by the New York Attorney General’s Office finds that a lack of accountability in the Nation’s Flood Insurance Program is costing taxpayers millions. NPR’s Laura Sullivan reports via KTOO.
North Carolina Court Backs Decision Against Home Insurance Rate Increase
North Carolina’s Insurance Commissioner had plenty of justification to reject a request by insurers to raise Homeowners’ premiums by an average of 25 percent, the State Court of Appeals ruled Tuesday. The Associated Press’ Emery P. Dalesio reports via The Robesonian.
Standstill on Nation’s Levees Threatens Lives, Property
A July report by the U.S. Government Accountability Office, the Investigative Arm of Congress, blamed the U.S. Army Corps of Engineers and the Federal Emergency Management Agency for making “little progress” in implementing a 2014 Law to ensure the safety of the nation’s levees. Ed Leefeldt reports for CBS.
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