Capitol to Courthouse Florida Insurance Report–Wednesday, December 17, 2014
Dec 17, 2014
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Daily Florida Insurance-Related Events
There are no insurance-related events scheduled today.
Daily Florida Insurance-Related News
Centauri Insurance Now Offers Homeowners Insurance in Florida
Centauri Insurance, a multi-regional homeowners carrier based in Sarasota, announced yesterday that it will provide homeowners coverage in Florida this month. Centauri Insurance already provides homeowners insurance and other coverages to more than 40,000 residents in seven other states, including Alabama, Hawaii, Louisiana, Mississippi, Oklahoma, South Carolina and Texas.
Progressive buying majority stake of St. Petersburg’s American Strategic Insurance
Under a deal announced Tuesday, Progressive is initially paying $875 million in cash to increase its stake in ASI’s parent company, ARX Holding Corp., from 5 percent to a controlling 67 percent. Over six years, it plans to buy the rest of the company to bolster its property insurance business, challenging rivals like Allstate that bundle home and auto policies. Tampa Bay Times’ Jeff Harrington reports.
- Progressive Insurance Acquiring Homeowners Group ASI for $875 Million
- Flexpoint Ford sells its stake in American Strategic Insurance as Progressive acquires controlling interest
Florida Hurricane, Flood Standards Development Committee Meets
Experts say 40 percent of hurricane property damage comes from storm surge–just one of the issues the Florida Commission on Hurricane Loss Projection Methodology has to consider when looking at hurricane models. Lanetra Bennett reports for WCTV in Tallahassee.
Broward lawmakers mull homeowners insurance improvements
The spiraling costs of wind and flood insurance are largely due to marketplace forces, but even around the edges where they can affect change, state lawmakers’ hands are tied. Dan Sweeney reports for the Sun-Sentinel.
A Historical Analysis of Vehicle Theft in Florida–1960 to 2013
From its peak auto theft year in 1994 when 127,186 vehicles were stolen, Florida has experienced a significant decline ending 2013 with 34,912 thefts. That’s a reduction of 73 percent since 1994, the National Insurance Crime Bureau reports via InsuranceNewsNet.com.
Health insurance idea for low-income Floridians called “intriguing” by top Republican
Although a business-backed plan to expand health coverage to low-income Floridians is getting a cool reception in the state House, Senate President Andy Gardiner called the proposal “intriguing” Wednesday. John Kennedy reports for the Palm Beach Post “Post on Politics” blog.
Florida Judge Says Nursing Home Liabilities Transfer Could Be Fraud
The owners of a multi-state chain of nursing homes may have committed fraud by transferring liabilities to a shell company that later lost more than $2 billion in jury verdicts to families who claimed relatives died of neglect, a Florida federal judge said in a tentative ruling. Bloomberg’s Margaret Cronin Fisk reports via Insurance Journal.
Rick Swearingen to Lead Florida Department of Law Enforcement on Interim Basis
Rick Swearingen, a 30- year veteran of the Florida Department of Law Enforcement who is currently leading Capitol Police, was named interim director of the Florida Department of Law Enforcement, SunshineStateNews.com reports.
Secretary Ken Detzner to Remain at Florida Department of State
Governor Rick Scott announced yesterday that Ken Detzner will remain as Secretary of the Florida Department of State, SunshineStateNews.com reports.
Governor Scott names leaders at Management Services, Business and Professional Regulation agencies
Florida Governor Rick Scott appointed leaders of two more state agencies Tuesday, naming Chad Poppell as the new secretary of the Department of Management Services and reappointing Ken Lawson as secretary of the Department of Business and Professional Regulation. Tampa Bay Times’ Steve Bousquet reports via the “Naked Politics” blog.
Fullwood wins special Democratic primary in Jacksonville
Former State Representative Reggie Fullwood easily fended off a challenge from Jacksonville City Council member Johnny Gaffney in a special Democratic primary election in House District 13 held yesterday, THE NEWS SERVICE OF FLORIDA reports via the Orlando Sentinel’s “Political Pulse” blog.
Miriam Steinberg fails to qualify in Florida House District 64 special election
The absurdity that has marred the Florida House District 64 contest since last summer continues, with GOP candidate Miriam Steinberg dropping out of the special election GOP primary scheduled for February. That means that Jamie Grant, the former incumbent, will now face write-in candidate Daniel Matthews in the special general election contest scheduled for April 21. Mitch Perry reports for SaintPetersBlog.com.
Florida Wins Top National Ranking . . . in Mortgage Fraud
For the fifth straight year, Florida is holding on to its unwanted crown as the mortgage fraud capital of the country. Tampa Bay Times’ Jeff Harrington reports via the Lakeland Ledger.
Jack Latvala orders another round in beer growler battle
SB 186 would allow local breweries to fill up 64-ounce containers for customers to take home, which is currently illegal in Florida thanks to resistance from large beer distributors. Michael Van Sickler reports for the Miami Herald’s “Naked Politics” blog.
U.S. Senate Fails to Renew Terrorism Insurance
A U.S. program that backstops insurance companies’ losses from acts of terrorism is set to end after the Senate didn’t extend it. Bloomberg’s Cheyenne Hopkins reports via Insurance Journal.
- NARAB Objection Dooms TRIA
- GOP senator cries foul over infringement of states’ rights
- NAIC Response to TRIA Expiration
NAIC Advances Key Insurance Regulatory Initiatives
The National Association of Insurance Commissioners reports that it has adopted both the Revised Insurance Holding Company System Regulatory Act and Actuarial Guideline 48 (AG 48), while also approving seven foreign supervisory authorities as Qualified Jurisdictions.
Iowa Court: Construction Defect Remedy Doesn’t Extend to Banks, Developers
The Iowa Supreme Court has declined to give banks and real estate developers the same legal remedy that protects homebuyers from defective construction. Associated Press’ Ryan J. Foley reports via Insurance Journal.
NAIC Names 15 Consumer Representatives
The National Association of Insurance Commissioners recently named 30 consumer liaison representatives for 2015, Insurance Journal reports.​
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