Capitol to Courthouse Headliners: Tuesday, April 7
Apr 7, 2009
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State legislators seek to cushion monetary hurricane risk
Legislators are trying to scale back the multibillion-dollar property insurance risk that Florida consumers and taxpayers face if a catastrophic hurricane were to hit the state this year. A state Senate committee Monday approved a bill, S.B. 2036, that would allow insurers to sell policies that are exempt from state rate reviews.
Florida Senate panel votes for Citizens insurance rate hike
The bill passed minus a provision that would have allowed home insurers to pass through automatic rate increases. However, the bill would let the state-run insurer raise its rates.
The Florida Senate version of legislation that will reduce the size of the state’s hurricane catastrophe fund and allow for gradual increases in premium rates for homeowners advanced in committee Monday.
Insurance Rates Could Rise If Bill Earns Passage
Legislation that could increase insurance rates for many Floridians gained momentum Monday as it cleared a key Senate committee; the bill would let Citizens Property Insurance increase its rates by as much as 10 percent per year and would also increase rates for many other property insurers by reducing the size of the state hurricane catastrophe fund.
Judge Affirms OIR Right to Inspect All Business Records of Viatical Settlement Provider
Florida Insurance Commissioner Kevin McCarty today announced that a U.S. District Court judge in Tallahassee has issued an order granting a motion by the Office of Insurance Regulation to dismiss Coventry First LLC’s motion for injunctive relief to prohibit the Office from examining Coventry’s viatical settlement agreements with consumers outside of Florida.
Small Fla. Home Insurer Suspended For Low Reserves
A spokesman for the Florida Office of Insurance Regulation said that many insurers have expressed interested in providing coverage for policyholders with suspended home insurer Coral Insurance Co.
CFO, Legislators Discuss My Safe Florida Home Bills
Florida Chief Financial Officer Alex Sink, State Senator Charlie Justice, State Senator Garrett Richter, State Representative Alan Hays, and State Representative Bryan Nelson held a press conference today to discuss the importance and success of the My Safe Florida Home mitigation program in Florida.
THE NEWS SERVICE OF FLORIDA: PPO, State Farm Insurance Bills Advance
After giving a little something to everybody, the Senate Banking and Insurance Committee approved a measure Monday that would require managed care insurers to directly bill outside-of-network providers but not until critics added a provision to limit the amount of fees those physicians could charge; In other action, the panel approved a measure that would allow State Farm Insurance Co. and other big insurers to raise premiums without the consent of the Office of Insurance Regulation, which earlier this year denied the company’s request for a 43 percent increase.
Citing drywall issue, U.S. Sen. Bill Nelson calls for ouster of Consumer Product Safety chair
Sen. Bill Nelson, D-Florida, took the opportunity of a visit to homes tainted with Chinese drywall in Cape Coral on Monday to call for the ouster of Nancy Nord, acting chairwoman of the Consumer Product Safety Commission.
State officials assess storm damage across Florida Panhandle
State emergency officials Monday surveyed damage in the Panhandle from heavy rains, tornadoes and severe weather in the last week.
Health advocates decry ‘shell game’
With billions in new Medicaid money available in federal stimulus dollars, this looked like the year the poor, sick and elderly might get more services, but before the federal cash has started flowing to state coffers, legislative leaders have all but decided to divert about $790 million to other areas of next year’s deficit-ridden budget. They also plan to cut some health care services.
Legislators wrap up short week with talks on budget, visit by Sandra Day O’Connor
It’s the shortest week of the legislative session by far, but lawmakers on Tuesday will try to make up for lost time.
House leadership showing the strain
As Florida legislators deal with an unprecedented multibillion-dollar budget gap, a rift over funding of health and welfare issues has developed in the usually monolithic House Republican leadership.
Florida‘s Budget Crisis: Tax Mood Turns Serious
Florida’s economy is so bad that Republican legislative leaders are seriously contemplating tax increases.
Florida Senate gives up on tax repeals
The Florida Senate is giving up on trying to repeal sales tax exemptions due to resistance from the House and a desire to focus on other revenue-raising proposals, including a cigarette tax increase, the chamber’s finance and tax chairman said Monday.
Gambling would financially help Florida, economists say
The state’s top economists concluded Monday that a House plan to allow the Seminole Tribe the exclusive right to operate slot machines outside of Miami-Dade and Broward counties would yield about $257 million in the first year — much more than the $100 million previously projected under the proposal.
Fight gets hotter over state SunRail project
The politics surrounding the proposed SunRail heated up Monday as Senate Democrats added their voices to the project’s opposition.
Letter: Beware of legislating spending caps
As the citizens and governments of Florida struggle to work themselves out of a deep economic hole, some in the Legislature are working to dig the hole deeper.
Bronson preparing to run for Florida governor
Florida Agriculture Commissioner Charles Bronson says he plans to run for governor if Gov. Charlie Crist runs for the U.S. Senate.
Governor Crist appoints Judge Jonathan Gerber and Spencer Levine to Fourth District Court of Appeal
Governor Charlie Crist today announced the appointment of Circuit Court Judge Jonathan Gerber of Hollywood and Spencer Levine of Fort Lauderdale to the Fourth District Court of Appeal.
In bid to attract smaller buyers, US relaxes rules on bad assets
The Treasury Department is making it easier for hedge funds and other private investors to participate in its plan for buying up banks’ bad assets, an acknowledgment that the interest level so far has been lackluster.
Arguments Heat Up Over Tax Treatment Of Bermuda Insurers
Competing U.S. and Bermuda insurance interests have been ramping up lobbying efforts over a proposed tax code change that would impact Bermudian carriers U.S. profits.
Guy Carpenter: Rates Rising on U. S. Property Catastrophe Reinsurance
A briefing issued today by Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, finds reinsurance rates continuing to increase for the U.S. property-catastrophe reinsurance market at the April 1, 2009 renewal.
Managing Director Tapped To Lead Marsh U.S. Captive Operations
Marsh said today it has appointed Julie S. Boucher as leader of the firm’s U.S. Captive Solutions Practice, which currently manages nearly 350 captive insurance companies in seven U.S. domiciles and has 114 employees.
U.S. Reduces Subsidies for Private Medicare
The federal government made good on its plan to cut 2010 payments for private Medicare plans, whittling the subsidies to health insurers sooner than the industry originally expected.
Texas High Court Reaffirms Controversial Entergy Workplace Ruling
After agreeing to a rare rehearing, the Texas Supreme Court on April 3 upheld its decision that – despite what some lawmakers say – a “premises owner” cannot be sued by injured employees of a contractor.
Louisiana Agents See More Drivers Dropping Insurance
The Louisiana Workforce Commission said initial claims for unemployment insurance rose 3.4 percent for the week ending March 28 and remained at rates approaching double of those from a year ago.
Study raises questions about public health plan
A public health insurance option for middle class families could help cover the uninsured but it may well put private insurers out of business, a respected consulting firm concluded in a study released Monday.
AIA Says G-20 Proposals Could Help U.S. Insurers
The G-20 meeting generated a number of proposals that if implemented would have a strong benefit for U.S. insurers, according to officials at an industry trade group.
As settlement details were announced in the legal battle between Ford Motor Company and aftermarket collision replacement part provider LKQ Corporation, the Property Casualty Insurers Association of America (PCI) cited the agreement as an important truce but reminded lawmakers to examine attempts to obtain design patents to create monopolies in the auto parts market.
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