Capitol to Courthouse Headliners: Wednesday, November 26
Nov 26, 2008
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State Farm lost $198.6 million in 9 months
State Farm Florida has found another argument to use in its legal battle to hike homeowners insurance rates. For the first nine months of the year, the Florida unit of the insurance giant lost $198.6 million and its surplus shrank by nearly $202 million. And that’s without a major storm.
Insurers Prevent Home Foreclosures
Homeowners facing foreclosure could find help in an unlikely place – the company that insures their mortgage.
Condo associations must purchase windstorm insurance
Even if association storm-proofs units, Florida requires purchasing policies
The standoff over whether to purchase windstorm insurance brewed for several years at Greenbriar Condominiums in Boca RatonClick here for restaurant inspection reports.
Governor Crist Signals End to Busy 2008 Atlantic Hurricane Season
Joins emergency officials in reminding Floridians to prepare year-round for disasters, emergencies
Governor Charlie Crist today, signaling the final days of the busy 2008 Atlantic hurricane season, urged Floridians to heed the advice of state emergency management officials by planning year-round for emergencies and natural disasters including hurricanes and tornadoes.
Brown & Brown buys Indiana company
Brown & Brown Inc. has agreed to an asset acquisition of Agency Associates Inc. and certain affiliated entities through a subsidiary.
CFO Sink calls for shift from real estate-based economy
Chief Financial Officer Alex Sink has begun calling banks on behalf of the Florida Home Builders Association, which has pleaded for a “timeout” from banks calling in builders’ construction loans.
Florida financial institutions losses grow
Florida’s financial industry struggled with problem loans and mounting losses in the third quarter. The states’ 275 commercial banks had a combined loss of $151 million in the three months ended Sept. 30, and have lost $159 million in the first nine months of 2008, a report from the Federal Deposit Insurance Corp. said.
Budget trouble ahead for state
More than three months remain before next year’s legislative session, but state lawmakers from this area are already thinking about how to reshape government from the top down in response to the nationwide economic crisis.
EDITORIAL: Federal aid crucial for financially strapped states
Florida isn’t the only state in deep financial trouble. Nor is it the only state where the brunt of cuts are falling on those least able to suffer loss.
Crist scales back holiday foreclosure moratorium plan
Gov. Charlie Crist expects to give a holiday gift to homeowners facing foreclosure – some help to postpone any action until next year. But the present is one they already have.
With Florida in hole, lawmakers could fold on Indian casinos deal
Florida’s multibillion-dollar budget deficit is forcing Republican legislative leaders to reconsider their opposition to a deal that Gov. Charlie Crist struck last year to expand tribal gambling.
Florida Tourism Group Endorses Offshore Oil Drilling
A Florida tourism group has endorsed an idea that politicians and environmentalists have been trying to prevent for decades: the exploration and production of oil and natural gas in the waters off Florida’s Gulf Coast.
Water managers have 3-week deadline to sign $1.34 billion U.S. Sugar deal
South Florida water managers have just three weeks to sign off on their contract to buy nearly all of U.S. Sugar’s farmland for $1.34 billion – the centerpiece of Gov. Charlie Crist’s plans to restore the Everglades and the most expensive conservation land purchase in Florida history.
State-Funded Study: Solar power costs more than nuclear
In a much anticipated report that could affect every Floridian’s pocketbook, a consultant hired by the state says solar power could be a competitive source of electricity by 2020 in many scenarios, but it will cost considerably more than new nuclear power and natural gas, the main sources of power for present customers of Florida Power & Light.
State aircraft brings in low bids at auction
Highest bid was $1.35M; valued at $1.94M
A Fort Lauderdale financial planner made the high bid Tuesday on the oldest plane in Florida’s executive air fleet, but it was about $600,000 less than the state thought the twin-prop craft might bring.
South Florida developers battle high water table to put parking underground
With land becoming scarce, soggy space below ground level is becoming valuable.
South Florida developers have finally found a place to hide gargantuan parking garages. They bury them.
Insurers Are Retooling Annuities
Investors Will Be Offered Less, but Charged More, for the Popular Investments
Insurance companies that have eased the minds of many baby boomers with often-costly variable annuities are beginning to retool these retirement products to offer less-generous benefits, possibly at higher costs.
Justice Dept. Won’t Challenge Commercial Insurance Combine
The Department of Justice says “it will not challenge” formation of a limited liability company which will offer commercial insurance policies in excess of $250 million by combining the capacity of current small underwriters.
Treasury Undecided Over Federal Bailout Funds for Life Insurers
Life insurance companies, nervous over massive investment losses that could ultimately threaten their viability, are hoping they are next in line to get a piece of the U.S. financial bailout.
Insurance Regulators Commend Legislators For Opposing SEC Rule 151A
Proposed Rule Would Pre-empt State Oversight of Indexed Annuities
The National Association of Insurance Commissioners (NAIC) commends the National Conference of Insurance Legislators (NCOIL) for adopting a resolution in opposition to the U.S. Securities and Exchange Commission’s (SEC) proposed Rule 151A.
Paulson Won’t Rule Out TARP for Insurers
Treasury Secretary Henry Paulson is not ruling out the possibility of making insurance companies eligible for TARP assistance. In a press conference Tuesday morning, Paulson said that several insurance companies already qualified for the aid as bank holding companies but the Treasury, he said, has not made a decision to include all insurance companies at this stage.
NCOIL To Probe Impact Of Job, Education On Risk
The fairness of rating auto insurance customers using their job title and education level will be investigated by the National Conference of Insurance Legislators, NCOIL said.
Lloyd’s Conference Finds Progress in Insurers Efforts on Climate Change
Over 100 representatives from the financial services sector met at Lloyd’s on Nov. 24 to listen to what the insurance industry has been doing to combat climate change.
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