Capitol to Courthouse Headliners: Monday, August 3
Aug 3, 2009
To view a complete story, click on a headline below:
Insurance Commissioner faces tough decisions
State Farm plans its strategy to exit Florida
Heading into the most active months of the hurricane season, upcoming regulatory decisions will radically change Florida’s property-insurance market and determine the future for millions of consumers.
Tampa P & C insurance leader named to Utek board
Changes continue on the Utek Corp. board of directors, but the latest business executive to join has a strong local connection.
Florida Supreme Court Selects Wellbilt Technology to Provide Blast Resistance
Strict Florida building codes for architects prove to be a perfect fit for Wellbilt’s technology
When architects and engineers wanted to ‘harden’ the walls of the Florida Supreme Court Building in Tallahassee, they chose Wellbilt’s Sure-Board Wall Panel.
New DHSMV Web site speeds access to driver information
The Florida Department of Highway Safety and Motor Vehicles recently added a feature to its Web site enabling customers who have received traffic citations in Florida to check their eligibility to attend driver-improvement school.
Florida Insurance Commissioner Kevin McCarty sent a letter to U.S. Rep. Kathy Castor, D-FL, praising her for her sponsorship of an amendment that would restore state oversight to Medicare Advantage plan marketing practices.
Ingenix-Based Health Treatment Charges Under Scrutiny in Florida
Florida insurance regulators are looking into whether some Florida health plans have been using a flawed fee schedule to pay out-of-network doctors for their members’ treatments. If so, patients have been shouldering more than their fair share of the bill for more than a decade.
Local investment pool now ‘Florida PRIME’
The state’s revamped, $6 billion local government investment pool has been renamed “Florida PRIME” to help put past troubles behind it.
Column: Chance at $2.3B a year spurs Florida politicos to rethink oil-rig opposition
Congress is offering Florida potentially billions of dollars in royalties if the state bows to the growing clamor to expand oil and natural gas exploration in the Gulf of Mexico. The new guard of leadership in the Legislature is more than willing to play.
Florida compares favorably as place to do business, says Florida TaxWatch
Florida compares favorably with most other states as a place to do business, according to a new analysis of 10 separate economic competitive indexes published nationally.
Regulators shut Integrity Bank of Florida
Regulators have shut down banks in Florida, New Jersey, Ohio and Oklahoma, boosting to 68 the number of federally insured banks to fail this year amid the pressures of the weak economy and mounting loan defaults. The Federal Deposit Insurance Corp. was appointed receiver of the banks:
Stonegate Bank Purchases Assets and Assumes Deposits of Integrity Bank
Integrity Bank, Jupiter, Florida, was closed today by the Office of Financial Regulation which appointed the Federal Deposit Insurance Corporation (‘FDIC’) as receiver. The FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida to take over all the deposits and certain assets of Integrity Bank. Integrity Bank has one office located in Jupiter, Florida.
Drive to convert mobile home parks hasn’t ended in Martin County
Between 2005 and 2007 an estimated 1,200 Treasure Coast residents were displaced when six mobile home parks were shut down to make way for upscale condominiums and other projects.
Heat from straw polls isn’t burning governor
If local Republican executive committees decided statewide primary elections, Charlie Crist’s Senate campaign would be in big trouble. The Pasco and Lee county parties have held informal straw polls lately where Marco Rubio blew away Crist among the party faithful.
Campaign, Caution Take Over Crist’s Time
The day after the state’s unemployment rate climbed to 10.6 percent, the highest in the state since the mid-1970s, Gov. Charlie Crist was at a mid-July fundraiser in the Hamptons – a tony millionaire enclave in New York – where he was gathering tens of thousands of dollars to help pay for his U.S. Senate campaign.
Rubio bets message vs. money will win Fla. Senate seat
Republican Senate candidate Marco Rubio was walking through the Tallahassee airport parking lot looking for his rental car when he came to an obvious conclusion. ‘It’s not the Cadillac. We didn’t raise enough money,’ he said with a broad smile, seemingly not bothered by the fact that primary opponent Gov. Charlie Crist is raising almost $13 for every $1 Rubio brings in.
Hangar isn’t former state House Speaker Ray Sansom’s only problem
Winning the support of state Rep. Ray Sansom to use more than $8 million in taxpayer money on a “leadership institute” at his hometown college took only 22 minutes.
Bill to cap reinsurance deductibility gets mixed reaction
Legislation that aims to cap companies’ ability to deduct reinsurance on their taxes received a divided response Friday from insurance industry groups.
Some Texas homeowners turn to alternative insurers
The state’s largest home insurance companies have hiked rates or announced increases this summer, hitting coastal areas such as Harris County the hardest. Meanwhile, others have pulled out, stopped selling new policies, or stopped selling windstorm coverage in the county.
Mississippi Insurance Chief Chaney to Run for Second Term in 2011
Mississippi Insurance Commissioner and State Fire Marshal Mike Chaney has already decided to run for re-election in 2011.
International risk management standard approved
MELBOURNE, Australia-Members of the International Organization for Standardization have endorsed the first international standard for risk management.
Catholic Charities USA to Provide Disaster Services Nationwide
Katrina, Gustav and Ike Experience Recognized with Federal Contract for Case Management Operations Award Covers All Disasters, But Just in Time for ’09 Hurricane Season
Following its well-documented provision of disaster services in the aftermath of Katrina and last year’s Gustav and Ike, Catholic Charities USA has been selected by the government to provide disaster case management nationwide.
In a new report, Fitch Ratings discusses property/casualty insurer loss reserves for older underwriting periods, and challenges in assessing reserve strength for insurers with longer tail claims liabilities.
Wall Street plays death card in securitization market
Betting on a person’s mortality may be the safest bet on Wall Street these days as investors shun shaky financial markets and opt for securities backed by the certainty of death.
Investments Hurt Some U.S. Captives But Underwriting Income Up Overall
U.S. captive insurers’ net income declined approximately 66 percent in 2008 for a composite of 186 captive companies represented in an A.M. Best Co. special report.
To unsubscribe from this newsletter, please send an e-mail to CCochran@cftlaw.com