Capitol to Courthouse Headliners: Tuesday, September 16
Sep 16, 2008
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The Florida Office of Insurance Regulation (Office) today announced that the Florida Cabinet, in its capacity as the Financial Services Commission, approved a rule that would implement 2007 legislation giving the insurance commissioner discretion to allow the financially strongest unaccredited reinsurance companies to conduct business in Florida without having to post 100 percent collateral. The approval follows public hearings that were held in November and April and now enables the Office to further its efforts at finding alternative approaches to improving Florida’s property insurance market.
A bulletin on the Lloyd’s web site (www.lloyds.com) notes that the National Association of Insurance Commissioners (NAIC) has confirmed it will meet “to consider the proposal to end collateral requirements before the end of this month.”
Florida pension fund, Citizens hold Lehman securities
Bad news on Wall Street could ripple through state pension accounts, but damage may be minimal.
The turmoil that gripped the financial sector Monday will likely touch some Florida pension funds and its general treasury.
Sink seeks analysis on Florida portfolio
Florida’s chief financial officer hopes to get some answers when she meets with Gov. Charlie Crist and the independently elected Cabinet to discuss what effect the failure of several Wall Street institutions will have on the state’s investments.
Officials: Florida in good shape amid Wall Street crisis
Managers of state investments anticipate that the turmoil on Wall Street will have little impact on Florida’s financial stability.
Lehman bankruptcy to weigh on Florida
The state of Florida could lose more than tens of millions of dollars as Wall Street icon Lehman Brothers heads into bankruptcy.
Lehman was major force in S. Florida
The demise of Lehman Brothers removes a major player in South Florida’s real estate industry.
When large South Florida developers needed money, they often turned to Lehman Brothers.
Florida to subpeona 16 oil companies after surge of gas price-gouging complaints
16 oil suppliers to get subpoenas after complaints of price-gouging
Responding to a surge of complaints alleging gasoline price gouging, Florida regulators said Monday they are expanding an investigation into the matter and will subpoena fuel-pricing documents from 16 oil suppliers today.
Medicare rules ban cold-calling by insurers
The regulations will go into effect Oct. 1, which is when insurers can begin marketing their plans for 2009. Among the changes mandated by Congress are:
Property owners still go without flood insurance
Even after Fay, high prices deter businesses
While Tropical Storm Fay inundated part of the Big Bend, closing businesses and displacing residents, the flood threat may not be enough to convince more commercial-property owners to buy insurance.
51,000 children will have to change health plans
Some 51,000 children in the Florida Healthy Kids program this fall will have to change HMOs, and possibly doctors, in the largest turnover of health plans in the history of the children’s health insurance program.
2 quite different events on health reform planned
This week, two radically different types of forums will be held in Florida to discuss the need for health reform.
Court says Seminoles’ high-stakes games illegal, but don’t bet they’ll soon be gone
Court says high-stakes games illegal, but don’t bet they’ll be gone soon
Federal law is simple: Indian tribes can’t offer games like blackjack and slot machines unless they reach a contract with the state. Trying to stop the Seminole Tribe from doing just that is a bit more complicated, federal, state and tribe representatives said Monday.
Supreme Court trims tax initiative from the ballot
The state Supreme Court delivered a message Monday to drafters of amendments to Florida’s Constitution: Quit trying to mislead voters.
Marriage amendment spurs churches to action
Both sides in the fight over the Florida Marriage Amendment are ramping up their efforts as the Nov. 4 general election rapidly approaches.
CARL HIAASEN: Tawdry tale of oil drillers and ‘MMS Chicks’
People always say the Bush administration is in bed with the oil companies, but it turns out to be literally true.
Lehman damage far worse than Ike’s
Did the hurricane in Texas or Wall Street deliver a more lasting blow to the U.S. economy? Lehman trumps Ike, hands down.
AIG Gets New York Governor’s Help in Accessing $20 Billion
Embattled insurer American International Group Inc. received New York state approval to post $20 billion of policyholders’ assets as collateral as it seeks to stave off a liquidity crisis and works with banks to fix its problems.
S&P Notes: ‘Nat Cat Bonds’ Closely Linked To Cedants’ Practices
“All natural catastrophe (nat-cat) bonds share some common features, but indemnified nat-cat bonds are much more closely related to the practices of the ceding company than non-indemnified structures,” said Standard & Poor’s Ratings Services in a report published today – “Approach To Rating Indemnified Natural Catastrophe Insurance-Linked Securities.”
Contentious State Farm case settled for $250,000
State Farm announced this afternoon that the company has paid $250,000 to settle a Katrina lawsuit with Biloxians Thomas and Pamela McIntosh, who had been seeking a far larger sum in the nationally publicized case.
Survey: McCain Favorite Among Industry, but Both Candidates Lack Insurance Knowledge
Just as recent polling points to Sen. John McCain, R-Ariz., pulling ahead of chief rival Sen. Barack Obama, D-Ill., among those registered to vote in November’s general election, a new BestWeek survey shows McCain taking an even wider lead among insurance industry professionals.
Group Says Foreign Hires Need Protection
A coalition of health-care groups this month unveiled a code of ethics it hopes will protect nurses from other countries from abusive employment practices when they take jobs in the United States.
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