Capitol to Courthouse Headliners: Tuesday, May 11
May 11, 2010
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Florida Cabinet questions insurance commissioner
Insurance Commissioner Kevin McCarty today was chided by Chief Financial Officer Alex Sink for his handling of an insurance company that was allowed to write home policies despite financial problems.
Fitch Upgrades Florida Hurricane Catastrophe Fund Finance Corp. to ‘AA’
Fitch Ratings assigns an ‘AA’ rating to the following Florida Hurricane Catastrophe Fund Finance Corp bonds: $693 million revenue bonds, series 2010A. The bonds are expected to sell competitively on or about May 12, 2010.
Florida Public Adjusters Lose 48 Hour Solicitation Ban Case
Florida public adjusters have been served a huge loss in their ability to solicit and aid policyholders within 48 hours of a loss.
What new property insurance law will mean to you
A bill that could raise some insurance premiums for property owners and reduce the costs of processing claims for insurance companies is waiting for Gov. Charlie Crist’s signature or veto.
For Insurers, It Is Not Just About Rate Hikes
Gov. Crist to Determine Outcome of the State’s Property Legislation
Once again the fate of the property insurance market appears to be completely in the hands of Charlie Crist.
Universal Insurance Q1 net income down
Higher reinsurance costs and state-mandated wind mitigation credits were among the reasons Fort Lauderdale-based Universal Insurance Holdings saw its first quarter net income fall to $8.3 million, or 21 cents a share, from $12.4 million, or 31 cents a share, in the prior-year period.
Florida, New York Tops in Insurance Claims from Staged Accidents
Suspicious insurance claims from staged accidents are on the rise- and nowhere more than in New York and Florida, two states with no-fault statutes.
AAA seeking veto on red light cameras
The AAA Auto Club South revealed Monday that it has urged Gov. Charlie Crist to veto the red light camera bill.
Insurer refusing to represent Farah & Farah in malpractice case
According to their ubiquitous Jacksonville TV spots, the law offices of Farah & Farah relish taking on big insurance companies in court.
Florida HMOs gain members for first time in 10 years
Humana leads industry with $360 million profit
Florida HMOs last year reversed a 10-year plunge in popularity by gaining members for the first time since 1999, and as a result saw profits jump, new state figures show.
Florida Suit Poses a Challenge to Health Care Law
As they constructed the requirement that Americans have health insurance, Democrats in Congress took pains to make their bill as constitutionally impregnable as possible.
Gov. Crist will call special session on oil drilling
Gov. Charlie Crist said Tuesday that a special legislative session will be called in the next couple of weeks focusing on a proposed constitutional amendment to ban offshore oil exploration, as well as some new and as-yet-unspecified tax incentives to encourage utilities to promote renewable energy.
Crist creating the Gulf Oil Spill Economic Recovery Task Force
Gov. Charlie Crist just issued an order creating the “Gulf Oil Spill Economic Recovery Task Force,” to deal with the fallout from the April 20 explosion of BP’s Deepwater Horizon rig and the 600-square mile slick in the Gulf of Mexico that threatens Florida.
CFO Sink Asks BP to Clarify Claims Process
Florida CFO Alex Sink today asked BP America to clarify the process Florida consumers should follow to file a claim related to the oil spill.
State prepares to handle spill
As crude oil continued to pour from the floor of the Gulf of Mexico, state officials on Monday worked on assessing the threat to beaches, wildlife and tourism, and preparing to extract compensation from BP.
Decision on Tampa’s 2012 GOP convention bid due Wednesday
The recommendation on where to hold the party convention is expected Wednesday, and the conventional wisdom is that it’s Tampa’s to lose.
Editorial: Push back on state pensions: Employees do better than those in private industry
Call it a warning. Florida is not California, where pension shortfalls threaten to force cities into bankruptcy. But for the first time since 1998, reports show that the Florida Retirement System is not fully financed.
North Carolina Wind Pool Gets Extra Protection with $305M Cat Bond
North Carolina’s insurance pool for coastal properties now has an extra financial cushion in case a major hurricane strikes.
New Jersey Advances Captive, Reinsurance Legislation
To promote business in the state, the New Jersey Department of Banking and Insurance said it is moving legislation for captive insurers in the state and is introducing legislation to promote growth in the reinsurance market.
State Windpool Cat Bond Transaction Provides Per-Occurrence Ultimate Net Loss Protection for North Carolina Hurricane Peril
Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, and GC Securities, today announced the completion of a USD305 million, two-class note issuance from a new 144A catastrophe bond program, Johnston Re Ltd., a Cayman Islands exempted company licensed as a Class B insurer, to benefit the North Carolina Joint Underwriting Association and the North Carolina Insurance Underwriting Association.
Allianz, USAA to increase catastrophe bond activity
Allianz S.E. has launched a $150 million catastrophe bond for multiyear protection against its U.S. hurricane and earthquake exposures, Standard & Poor’s Corp. said.
Store Shooting Case Tests Mississippi Damages Limit, Premises Liability
Attorneys for Ronnie Lymas go to the Mississippi Supreme Court on June 8 hoping to resurrect a $4.1 million jury verdict vehemently opposed by dozens of trade associations and Republican Gov. Haley Barbour.
As hurricane season nears, FEMA funds drying up
Disaster money low as hurricane season quickly approaches
This year’s numerous disasters have tapped the Federal Emergency Management Agency dry, even as hurricane season fast approaches.
Specialty Insurer to Offer High Value Property Lines in Texas
PURE Risk Management LLC, based in White Plains, N.Y., is expanding its Privilege Underwriters Reciprocal Exchange, a member-owned reciprocal insurer, to offer comprehensive, customized property and casualty insurance coverage to responsible owners of well-built, high-value homes in Texas.
RMS Licenses Cat Modeling Software Programs to China Re
Risk Management Solutions announced that China Reinsurance (Group) Corporation, the largest reinsurer in Asia, will “license its catastrophe modeling software to support the expansion of China Re’s property and casualty reinsurance business.
Best Report Forecasts More Mutual Partnerships as Challenges Mount
A new report from A.M. Best notes that mutual insurance companies “have generally entered and emerged from the economic downturn in a strong position, but any advantage they currently have over conventional insurers could be short-lived.”
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