Capitol to Courthouse Headliners: Thursday, April 2
Apr 2, 2009
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Democrat: Gov. Crist declares state of emergency as storms approach
The pelting rain Tuesday night and Wednesday morning prompted Big Bend residents – not to mention city and county employees – to prepare for the deluge expected to come today and this weekend.
Senate delays vote on wind insurance measure
A Senate committee searching Wednesday for ways to improve Florida’s shaky property insurance situation and lower the state’s risk recommended borrowing money from the state retirement system to obtain some short-term relief.
State Farm Florida To Submit Amended Petition For Hearing
State Farm Florida has until April 14 to submit an amended petition for an administrative hearing regarding its plans to withdraw the company’s property insurance business from the state, and the insurer said it plans to meet that deadline.
In a stark admission that its efforts to reduce property insurance rates put Florida at untenable financial risk, the Legislature is poised to retreat from the cost controls it instituted just two years ago.
Bill would allow property insurers automatic rate increases
The Florida Senate’s insurance committee will take up its first major property insurance bill Wednesday.
Hurricane rates likely to go up
Worried their hurricane-prone state is exposed to massive financial risks, Florida lawmakers Wednesday started considering proposals that would lead to higher property-insurance rates.
Florida Cap on Workers’ Compensation Lawyers’ Fees Goes to Senate
A bill that would trump a Florida Supreme Court ruling and restore a cap on attorneys’ fees in workers’ compensation cases passed the Florida House after some mild debate.
Encompass says it will dump its homeowners business
Encompass Insurance says it will drop all its homeowners insurance policies in Florida by 2011.
Cypress Gardens Suing Insurer For Storm-Damaged Amphitheater
Cost of repairing amphitheater more than insurer willing to pay, owners say.
The owners of Cypress Gardens Adventure Park are taking their insurer to court after the company allegedly failed to cover damages to the park’s amphitheater.
Uproar over Chinese drywall; Floridians say it’s making them ill and hurting home values
Homeowners in Florida and other states are mounting a charge against defective Chinese drywall, saying it’s making them sick and damaging their homes built during the housing boom.
Blue Cross Blue Shield of Fla. to cut 5% of workforce
Blue Cross Blue Shield of Florida said Wednesday it is cutting 300 employees, or about 5 percent, from its statewide workforce.
Crist announces down-scaled plan to buy U.S. Sugar land
Gov. Charlie Crist gave his controversial Big Sugar land deal a political and pragmatic repackaging Wednesday, announcing that the state would buy less than half of U.S. Sugar’s sprawling fields for Everglades restoration, but at a third of the price.
Fla. Senate bill would close business tax loophole
A Senate panel has taken a step toward closing a $365 million-a-year loophole in Florida’s corporate tax code.
Fla. Senate passes new growth management bill
The Florida Senate has passed legislation designed to channel growth into cities and away from rural areas.
Former lawmaker Goodlette in running to head state university system
A former Collier County state representative with deep ties to education is considering applying for the top job in the state university system.
Floridians get ready to empty wallets
To balance the budget, state legislators are ready to raise the cost of nearly every type of service: $15.50 for a license to fish off a pier or beach, an extra $1.50 “reflectorization fee” on license plates and even a new $20 court clerk fee to record the purchase of a grave site or ossuary.
Fla. property interests want tax credit downpayment
Florida real estate interests are pushing the state to follow Missouri’s lead by enabling first-time homebuyers to tap a federal government tax credit for their down payment.
Kendrick Meek raises $1.5 million for Senate bid
Despite the tough economy, Meek exceeded his fundraising goal for the first three months of the year.
Gunning for early front-runner status in Florida’s U.S. Senate race, Democratic Rep. Kendrick Meek of Miami announced Wednesday that he swept up nearly $1.5 million in contributions in the first three months of his campaign.
Stances differ on Florida’s use of stimulus funds
Florida’s U.S. Congress members on Wednesday chastised their colleagues in Tallahassee for balking at the opportunity to spend all the federal stimulus dollars earmarked for the state.
South Florida bankruptcies surge to highest level in 3 ½ years
The number of people filing for bankruptcy in South Florida reached its highest level since October 2005 when sweeping reforms to U.S. bankruptcy laws led to a crush of people seeking protection from creditors.
State urged to win race for energy
At a time of tremendous urgency in energy policy, states with an “open for business” sign on the door have a chance to create the next generation of jobs and profits in renewable energy, expected to be among the largest new markets on the planet, environmentalists say.
FASB Eases Mark-to-Market Accounting Rules
Accounting standards for U.S. financial institutions were eased on Thursday when the U.S. Financial Accounting Standards Board recommended allowing firms to use “significant’ judgment when valuing toxic assets on their books.
Federal insurance regulation bill to be introduced‘
Two members of the House of Representatives said they plan to introduce legislation on Thursday that would establish a system of federal regulation for insurers.
States, AIG May Reach Workers’ Comp Agreement In June
Regulators for 50 states investigating American International Group’s AIG reporting of workers’ compensation premiums between 1985 and 1996 will seek to reach an agreement with the insurer in June, an attorney for one of the lead states said.
Swiss Re To Cut 1,150 Job Slots, Close Offices
Loss battered Swiss Re announced today that it has named a new chief operating officer and plans to trim more than 1,000 jobs from its global workforce and close some offices.
Top Insurers To G-20: Hey, We’re Not Banks
An insurance executives’ think tank in advance of tomorrow’s London G-20 meeting has written finance leaders advising them that any regulatory moves to fix the economic crisis should recognize the difference between banks and insurers.
Editorial: Credit rating firms are like cancer to the financial system
If the mortgage meltdown teaches us anything, it’s that the work of these agencies isn’t worth the paper it’s on; yet eradicating their influence may be the toughest regulatory challenge we face.
The chilling realization that some things in high finance will never change, notwithstanding the current crisis, came to me the other day when I discovered that the Federal Reserve would accept only AAA-rated securities as collateral for its new program to finance consumer loans.
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