Capitol to Courthouse Headliners: Wednesday, January 27
Jan 27, 2010
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Florida Peninsula Finalizes Acquisition of Edison Insurance
Florida Peninsula Holdings, LLC, the parent company of Florida Peninsula Insurance Co., reports it has completed its acquisition of Edison Insurance Group, including its two subsidiaries: Edison Insurance Co. and Edison Insurance Underwriters.
Towers Watson: More Mergers Predicted in Florida Property Insurance Market
Two leaders in Towers Watson’s reinsurance brokerage business said they believe more consolidation is on the way in the Florida property insurance market, as the small domestic companies that have sprung up within the past several years continue to experience difficulties.
Global professional services company Towers Watson has examined several proposed or enacted state policy decisions during 2009 that were designed to begin to reshape Florida’s insurance market and strike a balance among the general price, availability and quality of property insurance.
Florida’s insurance market in disarray
Florida’s insurance market is in a state of disarray.
PCI Supports Mitigation, Calls For Data-Based Solutions in Florida
The Property Casualty Insurers Association of America today applauded a Florida study committee’s conclusion that “the current system for assessing, determining, and applying windstorm mitigation discounts has failed to operate as intended and has contributed to problems in the residential property insurance marketplace.”
Press Release: Citizens Board of Governors Reaffirms Commitment to Mitigation Reinspection Program
Citizens Board of Governors renewed its support for the mitigation inspection program approved by the Board in October of 2009.
Sinkhole closes lanes of U.S. 19
The northbound lanes of U.S. 19 about five miles north of State Road 24 in Levy County will remain closed through Wednesday while repairs are made to a sinkhole that developed in the inside lane Tuesday morning, according to the Florida Department of Transportation.
Number of Viera homes damaged in Tornado cut to 159
About half as many homes sustained damage during Friday’s tornado than previously believed as officials downsize the storm’s initial impact on residents.
Palm Beach County calls for federal funds to help pay for Chinese drywall fix
Replacing defective Chinese drywall in South Florida should be considered an emergency deserving of federal help for local neighborhoods, Palm Beach County commissioners said Tuesday.
Medicaid fraud in Florida highest for home health services
Fraud recoveries equaled about 2% of the state’s Medicaid budget in fiscal year 2009.
Florida recovered hundreds of millions in fraudulent Medicaid payments, but that was probably still only a fraction of the total, according to an annual report released by the Florida Agency for Health Care Administration.
Cruz, Chamberlin win Florida District 58 primary elections
They will face off in general election next month
With possibly the lowest turnout in Hillsborough County’s election history – less than 7 percent of eligible voters cast ballots – Democrat Janet Cruz and Republican Hunter Chamberlin edged opponents in Tuesday’s primary elections to fill the vacated state House District 58 seat.
Florida investment panel OKs cap on legal fees
The panel that invests state money including pension funds has approved a $50 million per case cap on legal fees paid to outside lawyers.
Governor Crist Issues Executive Order for Rural Areas of Economic Concern
Governor Crist issues Executive Order continuing the designation of Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Liberty and Washington counties and the area within the city limits of Freeport as a rural area of critical economic concern as recommended by the Rural Economic Development Initiative. This designation is effective for a period of five years.
Crist proposing tax cut for Florida corporations
Gov. Charlie Crist wants to give Florida corporations a $100 million tax cut although the state is facing a potential budget deficit of up to $3.2 billion.
Governor proposes reviving land-buying fund in Florida environmental budget
Gov. Charlie Crist has proposed a relatively modest $2.1 billion environmental budget for 2010 that drew a tepid response from environmentalists for all but one component: the resurrection of Florida Forever.
Crist: Budget will not include layoffs, pay cuts for state workers
Gov. Charlie Crist said today the state budget he sends to the Legislature late this week will not call for state employee layoffs or pay cuts.
Crist to Try Again On Seminole Casino Pact to Expand Gambling
Gov. Charlie Crist may try to renegotiate a deal with the Seminole Indians to expand gambling at the tribe’s Florida casinos.
Poll: GOP’s McCollum opens 10-point lead over Sink
Bill McCollum’s early entry into the 2010 Florida governor’s race may be paying off.
Former Florida House Speaker Sansom accuses prosecutor of misconduct
Attorneys for former House Speaker Ray Sansom and two co-defendants Tuesday sought to dismiss criminal charges and to throw State Attorney Willie Meggs off the case for prosecutorial misconduct.
Florida’s consumer confidence index hits 2-year high
Florida’s consumers started out the New Year unexpectedly optimistic about the economy, with the state consumer confidence index rising to its highest level in more than two years.
SW Florida vegetable farmworker income down $23.6 million after freeze
SThe freeze that decimated thousands of acres of vegetable crops will cost Southwest Florida field workers more than $23.6 million, according to estimates from he University of Florida /IFAS Southwest Florida Research and Education Center in Immokalee.
Thanks but no thanks: Cubs to announce they’re staying in Mesa
Mesa officials will gather at the state Capitol Wednesday morning to announce the Chicago Cubs are staying in Arizona.
South Florida former lawyer pleads guilty to running $1.2 billion Ponzi scheme
Scott Rothstein admitted Wednesday morning that his empire was built on a lie, the biggest financial fraud in South Florida history. He pleaded guilty to five federal charges, admitting that he ran a massive Ponzi scheme, and faces a lengthy prison term at his sentencing in May.
U.S. Judge Dismisses Claims Against Moody’s, Standard & Poor’s
In a victory for ratings agencies, a U.S. judge Tuesday dismissed claims against Moody’s Corp. and McGraw-Hill’s Standard & Poor’s in litigation over nearly $100 billion of Lehman Brothers Holdings Inc. mortgage-backed securities.
Audit Questions Security of Louisiana Citizens’ Computer Systems
Louisiana’s property insurer of last resort allowed too much access to computer systems, opening the door for potential fraud, and failed to take enough steps to make sure that policy applicants were eligible for coverage, according to a state audit.
Texas judge tells insurer in Stanford case to pay lawyers
A federal judge on Tuesday ordered Lloyd’s of London to pay for the criminal defense lawyers for R. Allen Stanford and other officers of his company who were indicted for allegedly operating a $7 billion Ponzi scheme.
Water, wind and hail damage top the list of most common homeowner insurance claims in Texas, according to a review by Allstate Insurance Company of aggregated insurance carrier claims data.
Enforcing a clear “electronics usage policy” could help avoid distracted driving accidents and liabilities
Distracted driving” may have been Webster’s Dictionary’s “Word of the Year” for 2009, but in 2010, businesses that provide their employees with mobile devices should keep a related phrase in mind: “vicarious liability.”
Cat Bond Market Develops New Collateral Trends
After turmoil in the wake of the collapse of Lehman Brothers, the market in catastrophe bonds finally appears to be reaching a consensus on how to structure collateral, paving the way for further growth of the sector.
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