Capitol to Courthouse Florida Insurance Report: Wednesday, May 25
May 25, 2011
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
May 24-25–Florida Hurricane Catastrophe Fund 2011 Participating Insurers Workshop; To access registration information, click here.
AXIS Specialty Approved by Florida Regulator
The Florida Office of Insurance Regulation has signed a Consent Order that allows a fourteenth reinsurer, AXIS Specialty Ltd., to post reduced collateral and operate in Florida as an eligible reinsurer.
Even though his fellow Republicans hammered his refusal to give in to the marketplace logic and demands of the industry, Governor Charlie Crist never wavered in one respect during his four years in office: Unrelenting regulation of the property insurance market.
New property insurance law predicted to help bottom line for insurers
Governor Rick Scott last week signed SB 408 into law, saying the measure would stabilize the state’s property insurance market.
Monroe County wins downstairs enclosure lawsuit
After 12 years of legal wrangling, an appellate court has ruled that Monroe County was right to prohibit a Sugarloaf Key woman’s downstairs enclosure, but at the same time erased tens of thousands of dollars in fines.
Florida Property Bill Helps, But Citizens Competition Will Keep Large Insurers Away
The property-insurance reform bill recently signed in Florida will help improve insurers’ bottom lines, but large homeowners insurers are unlikely to expand their presence in the state due to continued competition from the insurer of last resort, according to Moody’s.
Blog: Slammed by Hurricane 408 and tracking it all
Well, here we are in Florida, among the worst in consumer distress according to Florida Trend, and Governor Scott signed the insurance “reform” bill.
Report says that Florida owns title of most dangerous state for pedestrians
A study shows that Florida is not only the most dangerous for pedestrians, but is also home to the top four most dangerous cities in the country for those walking.
Progressive Insurance hiring 110 at Tampa Bay area call center
To handle a growing customer base, Progressive Insurance plans to hire 110 workers by the end of June at its call center in southern Hillsborough County, the auto insurer said Tuesday.
Florida’s Acentria Acquires Jim Harris Agency
Destin, Florida-based insurance agency Acentria has acquired Jim Harris & Associates, Inc., with offices in Mary Esther and Crestview.
Blog: Democratic upset in New York could expose liability of Medicare votes in Florida
Democrats are ecstatic tonight after taking a House seat in what had been a safe Republican district in western New York.
Hialeah’s Jose Oliva wins Florida House District 110
Hialeah businessman Jose Oliva beat two other Republicans to fill a vacant seat in the Florida House in Tuesday’s special election.
Florida Governor Scott signs bill reducing seaport security regulations
Governor Rick Scott signed HB 283, which eliminates state security clearance measures that officials say are already done on a federal level.
Blog: Governor Scott to sign budget in The Villages
Governor Rick Scott will sign the budget in The Villages Thursday, the Republican Party of Florida announced.
Florida banks post profit for first time in three years
Financial institutions in Florida earned $18 million in the first quarter, their first profit in three years.
Chairman Art Graham labels as a “fairy tale” a news report that Executive Director Timothy Devlin’s ouster was requested by Florida Power & Light Co. officials.
Ex-state representative Bovo wins Miami-Dade County Commission seat overwhelmingly
Esteban Bovo won an overwhelming victory to the Miami-Dade County Commission on Tuesday night, while the candidates in a second commission race will have to wait at least another week to find out who will join him on the dais.
Blog: Senator Joe Negron blasts TaxWatch’s ‘Turkey’ list a “fading media gimmick”
Today’s Florida TaxWatch Turkey List exposes a complete misapprehension of the legislative appropriations process. ption of correctness while ideas from the elected representatives of the people should be viewed with suspicion.
A battle for reputation when appraisal is called ‘tremendously misleading’
Jay Whitham was back in Florida on Tuesday to defend himself against charges that he prepared a flawed and potentially fraudulent appraisal for the now-defunct First Priority Bank on a property that has been the focal point of lawsuits and a state criminal investigation.
U.S. Hurricanes May Curb European Insurers Dividend Ambitions
European insurers, which have raised dividend payouts by a third since 2005 to court investors, may have to backtrack as record first-quarter disaster claims and the looming U.S. hurricane season threaten to squeeze reserves.
South Carolina coastal hurricane insurance costs up 10 percent
Coastal residents who depend on a South Carolina program for their hurricane insurance will be paying about 10 percent more this year.
Texas Senate Votes to Keep Texas Insurance Department
The Texas Senate has voted to renew the state Department of Insurance and give it stronger enforcement penalties when companies lose challenges to their rates.
Editorial: Finally, Washington Legislature enacts workers’ compensation reform
The Legislature’s hard-won compromise on workers’ compensation reform yielded a solid start to restoring sustainability to Washington’s system for injured workers.
Lawsky confirmed as chief insurance, banking regulator for New York
The New York state Senate unanimously confirmed Benjamin M. Lawsky as the superintendent of the state’s new banking and insurance regulator, New York Governor Andrew M. Cuomo said Tuesday.
GHS Property and Casualty Insurance Co. has ceased writing homeowners policies in Oklahoma because of a dramatic increase in the cost of its reinsurance program due to the catastrophic storm losses in Oklahoma over the last few years.
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