Capitol to Courthouse Headliners: Monday, June 25

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State ‘leaning against’ more backup insurance for its own fund

TALLAHASSEE, Fla. — The state catastrophe fund that pays damage claims when home insurers cannot is “leaning against” buying additional backup coverage for itself, because the cost would outweigh the need, Florida’s chief financial officer said Monday.

 

Home insurance cuts come up short

The 24.3 percent average property insurance rate cut policyholders across the state were told they could look forward to likely will be closer to 15 percent, according to the state’s top insurance official.

 

RMS Revised Storm Model Gets Florida Okay

A hurricane modeling firm–once criticized for creating a flawed storm-loss scenario that insurers used to hike coastal property rates–said a revised model has now been approved by Florida authorities.

 

Senate Presidential Candidates Trade Barbs

LAKELAND – Long-smoldering tensions between Polk County’s two key state senators, J.D. Alexander of Lake Wales and Paula Dockery of Lakeland, have ignited into open recrimination.

 

Sky won’t fall if lawmakers let PIP sunset

The sky is falling. At least, that’s what supporters of Florida’s failed no-fault auto insurance want you to believe will happen when legislators choose to bring it to its rightful end. 
 
 

Citizens’ Tax Plans Face Ballot Delay

SARASOTA – The Florida Legislature’s “super exemption” will be the only property tax provision offered to voters on the January ballot.

 

West Palm Beach: Business Solutions Tradeshow to be presented Thursday

The Business Development Board of Palm Beach County, a nonprofit organization, will present Encompass: A Business Solutions Tradeshow  . . . .  Speakers are to include Florida Insurance Commissioner Kevin McCarty and Palm Beach Community College President Dennis Gallon.

 

Surplus Lines Bill Passes House

WASHINGTON —The House unanimously passed legislation reforming regulation of the surplus lines and reinsurance markets today. 

 

AMA Wants Probe of Store Clinics

CHICAGO — The American Medical Association wants authorities to investigate whether quickie retail-based health clinics run by pharmacy chains pose conflicts of interest that put profits ahead of patient health.

 

Expert Says Fla. Re Rates Are Down Sharply

Property reinsurance rates dipped 30 percent to 50 percent in Florida in the recent renewal season, according to a leading industry expert.

 

Report: P-C Insurers Fail To Adopt Best Claim Methods

Most property-casualty insurers are failing to use technology and alternative sourcing to improve their claims function, reduce their loss ratio and enhance customer satisfaction, according to a new global survey.

 

Wells Fargo Insurance Buys Universal Insurance

Wells Fargo Insurance Services Inc., the bank-owned insurance brokerage, has announced it will acquire Universal Insurance Services Inc.

 

Home repairs can cut insurance costs

Home repairs can be a two-for-one special. First, maintenance work upgrades your home. And second, repairs and home improvements could also lower the cost of your home insurance bill, according to insurance experts.

 

Modeling To Cut Insurer Costs, Set Reserves Is Outlined

LAS VEGAS —While insurers rely on risk models to predict their loss exposure, models can also be used to establish reserves after the claim and examine the variables that can reduce the cost, two actuarial experts explained at a conference here.

 

Schools gamble on storm coverage

Financially pinched, they are short on insurance and rely on FEMA for backup.

Hurricane season is under way, but school districts across Florida are short on property insurance and counting on the federal government to pick up the pieces if a big storm strikes.

 

Chairman of preservation group promotes responsible building

Sometimes, it seems that developers won’t stop until every square inch of Florida’s waterfront land has sprouted a shiny high-rise or a luxury mansion. But unbridled coastal development comes at a price — stress on the surrounding communities and existing infrastructure.

 

Auto Insurers’ Web Sites Improving: Study

A Massachusetts consulting firm said their ongoing study of businesses’ treatment of online customers has found perceptible improvement among auto insurers compared to other industries.

 

Liveaboards face hard choice if a hurricane approaches

Abandon ship? Hurricanes bring tough choices for Broward’s boat dwellers

At the commencement of hurricane season, we all keep a wary eye on the weather. But those who dwell on boats — liveaboards they’re called — face a special set of choices when a hurricane approaches: sail to safer water, seek shelter on land or stay with the vessel.

 

Schemes to boost credit scores may be derailed

Days may be numbered for dozens of Internet-based companies that promise to quickly boost FICO credit scores by 200 to 300 points.

 

Planner to offer ideas for I-75 alternative Officials will hear about routes for north-south alternatives to I-75

MANATEE COUNTY — State transportation planners have found possible “pathways” for a proposed north-south highway to serve as an alternative for the increasingly congested Interstate 75.

 

Supreme Court Raises Bar for Investors Bringing Securities Fraud Suits

The U.S. Supreme Court last Thursday imposed a strict standard that investors must meet to keep alive their lawsuits alleging securities fraud.

 

AIG Among Winners in Blackstone Group’s Giant IPO

Blackstone Group LP’s shares jumped more than 13 percent last Friday on the New York Stock Exchange, after the buyout powerhouse raised $4.1 billion in its initial public offering.

 

N.H. Oil Firm Blames Shutdwn on Unpaid Insurance Bill

New Hampshire customers who were stranded after their oil company shut its doors in April confronted the company’s owners last Friday at a creditors’ hearing in Concord.

 

To Fight or To Settle? Insurers, Physicians Spar Over Strategy

Physicians’ relationships with their medical liability insurers have deteriorated in New York State in recent years, said one prominent New York surgeon.

 

CDC: About 2M More Americans Uninsured

ATLANTA — The number of adults without health insurance jumped by 2 million from 2005 to 2006, according to a new federal report.