Capitol to Courthouse Headliners: Monday, June 7
Jun 7, 2010
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A.M. Best Outlook Revised to Positive for Nationwide Insurance Company of Florida
A.M. Best Co. has revised the outlook to positive from stable and affirmed the financial strength rating of ‘B-‘ (Fair) and issuer credit rating of “bb-” of Nationwide Insurance Company of Florida.
Jury selection begins in Miami’s Chinese drywall case
Jury selection began Monday morning in the nation’s first Chinese drywall trial to target a local supply company that handled the defective building material.
Former Citizens Chief Actuary: Citizens Unable to keep property insurance promise
You probably have insurance on your home, car and/or business in Florida. Because of regulatory and legislative actions since the hurricanes of 2004-05, you’re buying a promise from that insurance company that is either weaker than you expect or more expensive than you know, and more likely – both.
Florida Rules Too Rigid, Property Insurers Contend
Hurricanes aren’t the real threat to the Florida insurance industry. It’s the regulators that do the damage, the head of an industry-backed nonprofit said Wednesday at the annual Governor’s Hurricane Conference in Fort Lauderdale.
Florida catastrophe reinsurance rates fall
Reinsurance rates for June 1 renewals of catastrophe-exposed property in Florida have declined up to 15% due largely to ample capacity, separate reports concluded last week.
Universal Condominium Insurance Inc., an independent insurance agency specializing in condominium association insurance, announces that it now offers the largest flood rebate available in Florida.
Escambia County gets $7 million for disaster recovery
Escambia County will use a $7 million disaster recovery grant on five major projects to begin this summer and be completed within 24 months.
Florida’s stretch of I-95 is deadliest U.S. road, federal figures indicate
If driving on Interstate 95 makes you fear for your life, there’s good reason. Five years of highway fatality data have found that Florida’s 382-mile stretch of the highway is the most dangerous road in the country, with the worst rate of fatal accidents, according to National Highway Traffic Safety Administration data.
A new state law to allow red-light cameras won’t stop lawsuits pending against the city of Lakeland, at least according to the lawyers suing.
Gov. Charlie Crist signed a sweeping law Friday giving Florida regulators new tools to shut down or rein in hundreds of rogue pain clinics. But even supporters are not sure how well it will work.
Board of Medicine punishes South Florida physicians behaving badly
When a woman has a pelvic exam, she expects her doctor to let her know if there’s a problem. But that didn’t happen for Charlene Hutchens in 2002 or in 2003. It wasn’t until 2004 that she learned she had advanced cervical cancer.
Column: Changes in Florida state employee health insurance are worth noting
Florida legislators didn’t do too much damage to state employees, all things considered. Considering the revenue shortfall projected at the start of the 2010 session, and the impossibility of any “revenue enhancements” in an election year, escaping the session with relatively minor losses might even be considered a victory for the state work force.
Blog: Crist calls (again) for special session on oil
Although no consensus among legislative leaders has yet emerged, Gov. Charlie Crist is again calling for a special session to consider a constitutional ban on oil drilling in Florida waters. He said a session could occur “as early as July. I think that is feasible and simply the right thing to do.”
Blog: BP CEO a no-show; VP to appear before Florida Cabinet tomorrow to explain plans
Chief Financial Officer Alex Sink last week demanded that BP’s CEO Tony Hayward appear before tomorrow’s Florida Cabinet meeting to discuss what plans they have to protect Florida’s coastline from the oil disaster. Hayward will be a no show but BP has confirmed that Bob Fryar, a BP senior VP, will appear in his place, said Sink spokesman Kevin Cate.
News Release: Gulf Oil Spill Economic Recovery Task Force to Meet in Tallahassee
The Gulf Oil Spill Economic Recovery Task Force will hold a meeting on Wednesday, June 9, 2010. Created by Executive Order 10-101, the Task Force will facilitate efforts by Florida businesses and industries in recovering from lost business and revenues due to the Deepwater Horizon oil spill.
- Resources for Florida lag as oil comes ashore
- Oil spill: Irate Pensacola residents want action as more tar washes ashore
Crist receives abortion ultrasound bill
The Republican-led state legislature has sent a controversial bill requiring women to get an ultrasound before an abortion to Gov. Charlie Crist for action.
Crist hires former aide to top N.Y. Democrat
Florida Gov. Charlie Crist, who left the Republican Party to run for Senate as an independent, has hired a top Senate Democrat’s former chief of staff.
Gov. Crist defends veto of Shands funding
Gov. Charlie Crist’s veto of $9.7 million in funding for Shands at the University of Florida is getting statewide attention and fueling speculation about his motives.
McCollum pledges water study commission
Attorney General Bill McCollum pledged Friday to set up a “water strategy and action commission” and make Florida a leader in finding alternative sources of water if he is elected governor.
Regional defenders in Southwest Florida under fire
It’s been almost three years since the Legislature created the Regional Conflict Counsel – a second tier of civil and criminal defense for indigent clients – and supporters say it has saved more than $100 million.
Democratic candidates take jabs at Republicans at Orlando gala
The Republican positions on gay adoption, health care, gays in the military, abortion and the environment took a beating Saturday night as a slew of Florida Democratic candidates made their pitches at a fundraising dinner downtown.
Scandal-stained former ally contradicts Gov. Crist
The governor knew from the start that his party chairman was taking a cut of donations, Jim Greer’s lawyer charges.
Gov. Charlie Crist personally signed off on his former Republican party chairman’s confidential fundraising role with the state party — according to Jim Greer’s attorney, whose allegation contradicts the governor’s statement that he ”didn’t know anything” about the deal now part of a criminal investigation.
Crist secretive on how he’ll lean if elected to Senate
Gov. Charlie Crist says if elected to the U.S. Senate he may not caucus with Democrats or Republicans. “I’ll caucus with the people of Florida.”
Some Latino voters put off by Rubio’s conservatism
At a boutique hotel in Miami’s Coral Gables neighborhood, members of a Republican women’s group smile and gush as Senate candidate Marco Rubio enters the room.
New Orleans, Louisiana Municipal Police sue BP
Two pension plans in Louisiana that hold BP P.L.C. stock filed separate lawsuits against the company because of losses related to the massive oil leak in the Gulf of Mexico.
State Farm flood insurance transfer to affect 29,000 policies in Alabama, Mississippi
Thousands of policyholders in Alabama and Mississippi will be touched by State Farm Fire and Casualty Co.’s decision to shift its flood insurance business to the federal government, according to company figures provided today.
Insurers Check Coverage for Hurricane-Driven Oil
Mississippi Insurance Commissioner Mike Chaney stated on June 4 that should oil from the Deepwater Horizon oil spill wash up onshore during a hurricane storm surge or other flooding, the National Flood Insurance Program (NFIP) would cover the damage to insured homes and their contents.
Iowa Insurance Division to Contractors: Stop Acting as Public Adjusters
The Iowa Insurance Division (IID) has issued summary cease and desist orders against two contractors, directing them to stop acting as public adjusters.
Reinsurer Bonds ‘Vulnerable’ in 2010 Storm Season, Moody’s Says
Reinsurer bondholders are “particularly vulnerable” in the event of a major catastrophe because the firms trade below book value, making it harder to raise funds by selling equity, Moody’s Investors Service said.
Tax On Foreign Reinsurers Would Advantage U.S. Insurers
Proposed tax legislation aimed at offshore reinsurers “will distort the playing field” to the advantage of U.S. insurers and increase costs for consumers, a lobbyist for Bermuda companies said.
Wall Street Journal: Insurers Gain Reasons to Raise Rates
The Deepwater Horizon oil spill has caused $611 million in estimated losses for insurers, with total insured loss estimates ranging from $1.4 billion to $3.5 billion.
New York Times Op-Ed: Downgrade the Ratings Agencies
Warren Buffett may be the Oracle of Omaha, but even he is hamstrung by credit ratings agencies.
Wall Street Journal: Digging Into Derivatives
While Congress debates possible new rules for derivatives as part of the financial-regulation overhaul, the Securities and Exchange Commission is investigating just how those products are being used in mutual funds and exchange-traded funds.
Texas High Court Sides with Lloyd’s in Contractual Liability Exclusion Case
The Texas Supreme Court has found in favor of an excess insurance provider in a case involving the contractual liability exclusion in a Commercial General Liability (CGL) policy.
RIMS optimistic as it heads to Capitol Hill
As risk managers gather this week for the Risk & Insurance Management Society Inc.’s annual “RIMS on the Hill” legislative conference, they can be optimistic about the workings of Washington. Given the climate on Capitol Hill, that’s really saying something.
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