Capitol to Courthouse Headliners: Wednesday, Mar. 12
Mar 12, 2008
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Some Citizens policyholders get more choice
Insurance regulators issued an order Wednesday allowing homeowners currently insured by the state-run pool to have the first choice of accepting an offer of coverage from a private carrier.
The state-run insurer has taken an $88 million write-down on the value of securities tied to the problems in the mortgage-backed securities market.
Citizens’ Insured Risk Outpaces Resources
The number of homeowners insured by state-run Citizens Property Insurance Corp. is expected to grow despite efforts to turn over policies to the private market.
Companies to Remove More Policies from Citizens
Florida Insurance Commissioner Kevin McCarty today signed an Order approving Citizens’ take-out plans for the year and requiring Citizens Property Insurance Corp. (Citizens) to notify policyholders whose agents have refused to allow their policies to be removed from Citizens.
The Florida Legislature is in session through May 2. The key issues yesterday and what’s coming up:
WHAT HAPPENED: State economists came up with their best-estimate number on a stark tax revenue projections — they said close to $1 billion worse for the upcoming year than they’ve previously figured on what was already a bleak outlook.
Crist urges probe of security firms
Gov. Charlie Crist urged Florida auditors Tuesday to investigate whether the state should sue private security firms for selling weak investments that have jeopardized nearly $2 billion in local government tax collections.
Gov. Charlie Crist plans to sign downsized budget
Gov. Charlie Crist says he’ll sign the downsized state budget that lawmakers shrunk last week and are preparing to vote on.
Read his lips.
Rubio appoints former aide to tax commission
House Speaker Marco Rubio has named his former chief aide to the Taxation and Budget Reform Commission.
Florida Insurance Commissioner to Speak at Forum in Boca Raton
Florida Insurance Commissioner Kevin McCarty will be the featured speaker in Thursday’s executive forum series at the Florida Atlantic University College of Business in Boca Raton.
Berkshire Licensed To Write Bonds In Fla.
Berkshire Hathaway’s new financial guarantee insurer has received permission to operate in Florida, according to the state’s Office of Insurance Regulation.
Opposition mounts to a mail-in Democratic primary.
State Democrats hope to finalize by Thursday a ballot-by-mail proposal that would redo January’s presidential primary election in early June and allow Republicans and independents to weigh in on the Democratic nomination.
Lawmakers, Advocates Balk At Health Plans For Uninsured
Gov. Charlie Crist’s proposal to provide health insurance for the state’s 3.8 million uninsured has prompted at least one other plan this session, but neither lawmakers nor health care advocates are convinced that either will work.
St. Lucie officials, activists say wind-farm idea is mostly hot air
Florida isn’t breezy enough, St. Lucie officials say — but others disagree.
Jutting 400 feet into the sky, the 2.3-megawatt turbines proposed for Florida’s first industrial wind farm would be more than twice the height of the tallest condo on this narrow barrier island.
Orlando-area commuter rail will require some bargaining
With the nine-week legislative session nearly one-fourth complete, Central Florida’s biggest priority — finalization of a $491 million deal to bring commuter rail to the region — sits stalled on the tracks.
Florida Senate panel waters down fines in red-light-running bill
The use of cameras passes a Senate panel 6-2 with a proposed penalty Orlando officials say is too low.
Legislation that would allow cameras to catch motorists who run red lights limped out of a key Senate committee Tuesday carrying enough new restrictions that Orlando officials questioned whether they could proceed with the effort.
Palm Beach County OKs cameras to catch red-light runners
For those who go zipping through traffic lights gone yellow, or blow through them when they’ve turned red, there could be punishment even if no police officer is nearby.
USF Study: Red-light running cameras increase crashes and costs
Rather than improving motorist safety, red-light cameras significantly increase crashes and are a ticket to higher auto insurance premiums, researchers at the University of South Florida College of Public Health conclude.
Florida legislators to gather behind closed doors to watch evolution film
House General Counsel: If no one discusses public business ‘they’re just watching a movie’
Florida legislators are invited to a closed “members only” screening of a movie at the Challenger Learning Center’s IMAX theater tonight, but they’re not allowed to talk about it.
Governors decline to testify at Congressional hearing on drought
The chairwoman of a U.S. House subcommittee on Tuesday criticized the governors of Alabama, Florida and Georgia for not testifying at a Congressional hearing on the southeastern drought.
Attorney general refocuses job
Bill McCollum breaks from the past by emphasizing cybercrimes.
He is Florida’s ultimate conservative, a small-framed, earnest family man who campaigned on fighting terrorism, pedophiles and child pornographers.
Climate Change No. 1 in Top 10 Risks Facing the Insurance Industry
Potential climate change is the greatest strategic risk currently facing the property/casualty insurance industry, with demographic changes taking priority for the life insurance industry, according to a new study by Ernst & Young.
Advocates of the National Insurance Act creating an Optional Federal Charter (OFC) for property-casualty, health and life insurers that would provide systemic reforms and enhance the role of the federal government in the regulation of insurance received support from three recent studies on its positive effect on state economies and the industry itself.
Ernst & Young Report Highlights Top Ten Risks To Insurers
Climate change greatest strategic risk to insurance industry
Potential climate change is the greatest strategic risk currently facing the property/casualty insurance industry, with demographic changes taking priority for the life insurance industry, according to a new study by Ernst & Young, closely followed by demographic change and catastrophic events.
2007 Cat Losses Top $70 Billion Swiss Re sigma Study Finds
Swiss Re’s latest sigma study – “Natural Catastrophes and man-made disasters in 2007” – examines catastrophe-related economic losses from natural and man-made disasters last year, which exceeded $70 billion.
Foreign Reinsurers May Get Hit With ‘Cascading’ Excise Tax
A guidance to be issued by the Internal Revenue Service later this month will require payment of an excise tax on property-casualty insurance premiums every time the money is ceded by U.S. carriers to foreign insurers and reinsurers.
NAIC Releases Select 2007 Life Market Share Data
Report Includes Information on Top 25 Life Insurers
The National Association of Insurance Commissioners (NAIC) today released the 2007 market share premium data for the top 25 insurers of select life lines of business.
Minn. Bridge Victims Would Split $25 Million under Senate Bill
The Minnesota Senate’s main budget committee set the price of compensating victims of the Interstate 35W bridge collapse at $25 million signaling delicate negotiations with the House over its $40 million plan.
Windstorm Liability Limits Increased for Certain Property in Texas
Texas Insurance Commissioner Mike Geeslin recently signed an order increasing the maximum limits of liability from $3,390,000 to $4 million for a commercial or government building insured for wind and hail by the Texas Windstorm Insurance Association.
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