Capitol to Courthouse Headliners: Tuesday, September 23
Sep 23, 2008
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State-backed insurer seeks new space in Florida
Sen. J.D. Alexander has written the chairman of the state-backed property and casualty insurer, Citizens, wanting answers about a proposed move into office space he says could include a restaurant, gymnasium and concierge.
Rep. Ron Klein’s satellite bill aims for better storm forecasts
To boost hurricane forecasting accuracy, U.S. Rep. Ron Klein, D-Boca Raton, introduced a bill on Monday to replace an aging weather satellite.
Locals concerned AIG bailout could hike business premiums
The federal government’s $85 billion bailout of insurance giant American International Group Inc. could eventually push insurance rates higher for Florida businesses, according to industry observers.
Florida lawmakers question bailout plan
Florida lawmakers expressed skepticism Monday as details of a $700 billion financial-system bailout began to trickle out, but U.S. Sen. Mel Martinez warned that this is not the time to get political over the package.
Wall Street bailout could boost South Florida housing market
South Florida business leaders are generally upbeat about the federal government’s proposal to buy up to $700 billion in bad debt from ailing U.S. banks and institutions, with many predicting the effort would speed the recovery of the region’s battered housing market.
Should you have fire sprinklers in your home?
A group says sprinklers should be installed in new homes.
Fire sprinklers should be required in construction of all new homes, a building code panel has ruled.
1,000 more area children to get dental care
Health officials announced a partnership Monday that will make dental care available to 1,000 more children in Escambia, Santa Rosa, Okaloosa and Walton counties beginning in January.
Advocates urge relief for loan fraud victims in Florida
A campaign is under way to provide badly needed money to people cheated by rogue mortgage brokers.
With Florida’s mortgage industry reeling from its worst crisis, two statewide organizations are pressing lawmakers to restore a program to reimburse people ripped off by crooked loan brokers.
Casino gambling, poker table revenue up in FL
Revenue at Florida’s casino and poker tables is growing, but lottery revenue is flat and race and sports wagering are declining, according to the publisher of an annual gaming almanac.
EDITORIAL: State must OK casino compact
The Florida Supreme Court issued a victory for House Speaker Marco Rubio in his tussle with Gov. Charlie Crist, ruling in July that Crist lacked the authority to approve a gambling compact with the Seminole Tribe.
Florida state senator raises $2.2M to win a $42K job
Despite Florida’s sour economy, the man expected to be the state’s next Senate president has raised an unprecedented $2.2-million for a two-year job that pays just $42,072 annually.
Feeney in TV ad: Trip paid by Abramoff was ‘mistake’
In a highly unusual campaign move, U.S. Rep. Tom Feeney will use a new television ad to apologize for his role in the Jack Abramoff corruption scandal.
Ballot printing in Broward County halted until dispute settled
Candidate hopes to return to judge race
An appellate court on Monday ordered the Broward Supervisor of Elections Office to stop printing ballots for the November election until the legal fight over a judicial race is settled.
Exporters face security issues
Companies that export products with both commercial and military applications have to be on their guard.
Doral freight forwarder Susana Olmo shipped 210 riot helmets to Venezuela two years ago as a favor to a customer who had won a contract to outfit some of the country’s police.
SEC chief Cox urges regulation of debt insurance
Securities and Exchange Commission chief Christopher Cox urged Congress Tuesday to regulate a type of corporate debt insurance that figured prominently in the country’s financial crisis.
State Insurance Regulators Dismiss Paulson Comments
State insurance legislators and regulators meeting here rejected comments made by U.S. Treasury Secretary Henry Paulson attacking state insurance regulation in the wake of the American International Group credit crisis.
Chertoff Comments Rile Insurers
Some off-the-cuff comments made by the Department of Homeland Security Secretary Michael Chertoff have provoked a response from at least one insurance association.
NAIC Panel Okays Dropping Foreign Reinsurer Collateral Rule
A framework to eliminate the requirement that foreign reinsurers post collateral to support U.S. transactions has moved a step closer to approval by the nation’s insurance regulators.
Insurance Isolationism – Is It Good for the Consumer or the Industry
Two national coalitions have squared off in a debate over the perceived tax advantages enjoyed by alien insurance carriers in the US and their off-shore reinsurer siblings. It’s the Coalition for a Domestic Insurance Industry versus the Coalition for Competitive Insurance Rates battling over the government’s most recent attempt to change the tax code created in 1986 to impose tighter regulations on alien-owned insurance carriers and their related reinsurers (similar legislations was proposed in 2001 and 2007).
Some Credit Default Swaps To Get New York Regulation
New York State officials announced yesterday that some credit default swaps qualify as insurance, thus they will regulate those financial instruments beginning Jan. 1, 2009.
RIMS Opposes Tax Change On Foreign Reinsurance Deduction
The Risk and Insurance Management Society Inc. announced opposition yesterday to legislation that would cap U.S. insurers’ tax deductions for reinsurance paid to foreign affiliates.
TEXAS: Commissioner extends TWIA comment period
State regulators have extended a deadline for written public comments about the state windstorm insurance pool’s request to raise rates by 10 percent for both commercial and residential policyholders.
With Texas still measuring the toll from Hurricane Ike, fresh gusts are blowing in a long-stormy debate about global warming’s role in spawning deadly cyclones.
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