Capitol to Courthouse Headliners: Tuesday, June 16
Jun 16, 2009
To view a complete story, click on a headline below:
State Farm’s Florida Exit Plan Details Delayed Until July 15
A new deadline of July 15 has been set for settling the terms of State Farm’s withdrawal from the Florida insurance market.
Florida Domestic Insurers Urge Veto of ‘Dangerous’ Deregulation Bill
Florida’s domestic property insurance companies are opposing a bill on Gov. Charlie Crist’s desk that would deregulate rates for a few large national carriers but leave their own rates subject to state regulation.
Column: We don’t win in State Farm vs. Charlie Crist
If all goes according to prediction, Charlie Crist will give State Farm the boot this week.
Editorial: Florida needs private property insurance industry
Gov. Charlie Crist received the “State Farm” bill Friday and has until June 27 to sign it, veto it or let it become law.
Judge extends claim deadline for some suing WCI
A group of Chinese drywall plaintiffs in the WCI Communities bankruptcy case received more time to file their claims.
Louisiana beats Florida to try drywall lawsuits
Despite having the largest number of known cases so far, Florida lost out as the site of what will be combined litigation on Chinese drywall; all the various lawsuits on the troublesome product will be consolidated in New Orleans.
RMS Requests FCHLPM Reconsider Certification of Its U.S. Hurricane Model
On June 3, the RMS U.S. Hurricane Model was not certified by the Florida Commission on Hurricane Loss Projection Methodology (“FCHLPM”) due to a deadlocked vote among the eight Commissioners who were present regarding a meteorological detail that affects compliance with two out of 36 standards.
Florida Municipal Insurance Trust refunds $8M
The Florida Municipal Insurance Trust is refunding $8 million to its members 412 towns, villages and cities in the state.
Governor Crist Signs Public Safety Legislation
Governor Charlie Crist today signed legislation that strengthens public safety laws for Floridians and the millions of visitors to the state each year.
Fla. confirms first swine flu death
A 9-year-old boy in Miami-Dade County has died from H1N1 swine flu, state officials said as they reinforced the need to stay vigilant about precautions in the workplace.
Patterson intends to enter state Cabinet race
State Rep. Pat Patterson, R-DeLand, has filed papers to run for chief financial officer of Florida next year, creating a likely primary fight against Senate President Jeff Atwater, R-North Palm Beach, according to the Florida Division of Elections Web site.
State Rep. Marcelo Llorente drops bid for state Senate seat
State Rep. Marcelo Llorente is pulling out of a three-way Republican primary for the state Senate in 2010 and setting his sights on the Miami-Dade County mayor’s office in 2012.
Endorsements already rolling out for 2010 races
Endorsements continue to tumble out for 2010 political races as contenders try to collect the back of supporters who can help in 18 months or keep primary opposition at bay.
Federal-Florida dispute holds up Everglades money
Though the Obama administration has pledged a record amount for Everglades work, a difference with the state has the money on hold.
The Obama administration has pledged to spend nearly half a billion dollars on Everglades restoration over the next two years, a record amount, including $103 million set aside for stimulus projects picked because they are “shovel-ready.”
State economic recovery to be rocky
Florida’s path to economic recovery will be rockier and longer than the rest of the country, according to a new report, thanks in part, to a dreary housing market and an unemployment picture unlikely to improve for another year.
Cost of driving in Florida to go up
The cost of getting a driver’s license, car registration and vehicle title is about to get a lot more expensive.
Sen. Nelson hints at filibuster over bill on offshore drilling
U.S. Sen. Bill Nelson vowed Monday to tie his chamber in knots to stop a federal energy bill that would allow drilling as close as 10 miles from western Panhandle beaches, including Pensacola Beach, Perdido Key and Destin.
Miami suit aims to get back fees paid in Bernard Madoff scandal
A lawsuit seeks to recover management fees a bank allegedly charged customers to invest in a fund that funneled money to convicted swindler Bernard Madoff.
While lawsuits over the Bernard Madoff swindle proliferate, one investor suit seeking class-action status in Miami federal court is pursuing the recovery of fees charged to invest in a fund that funneled money to the convicted con man.
Kanjorski Vows Quick Action To Put U.S. Oversight On Insurance
The chairman of a key subcommittee of the House Financial Services Committee today said he intends to move quickly to impose direct federal oversight on insurance, starting with a system to regulate systemic risk.
Sources: U.S. Treasury won’t pitch new insurance regulations
The U.S. Treasury Department will not propose a new regulatory framework for the insurance industry when it outlines sweeping new rules for the financial services sector, sources familiar with the plans said on Tuesday
A new role as ‘risk regulator’ could reshape Fed
The Obama administration’s plan to revamp regulation and prevent any more crashes like those that felled AIG and Lehman Brothers includes a bold new idea: Empower the Federal Reserve to oversee the biggest financial players whose failure could threaten other institutions and the economy.
NAIC Moves A CAT Plan Paper Offering Varied Approaches
A unit of the National Association of Insurance Commissioners has adopted a white paper outlining insurance protection concepts for catastrophes that acknowledges insurer and regulator differences.
NAIC Presses Insurers Over Credit Scoring Impact
The nation’s insurance regulators have pressed insurance trade organizations for specifics on how use of credit in determining rates affects certain groups of people, and criticized the answers for not being specific enough.
NAIC Working Group Clears Up MAR Implementation Guide
A sentence in the implementation guide of the National Association of Insurance Commissioners’ proposed Model Audit Rule has been altered to clear up responsibility for auditing insurance company subsidiaries.
Central Oversight of Levees Needed, Arkansas Lawmakers Told
Arkansas is putting its residents and economy at risk by failing to adopt a centralized system for flood-levee oversight, the state’s lawmakers have been told.
Lincoln National To Tap U.S. TARP Fund For $900 Million
Lincoln Insurance Group said today in a securities filing it will seek to raise $2.1 billion in additional capital, including $900 million through the government’s Troubled Asset Relief Program and an additional $600 million in a securities offering.
To unsubscribe from this newsletter, please send an e-mail to ccochran@cftlaw.com.