BLOOMINGTON, Ill., Feb. 26 /PRNewswire/ -- Combined net worth for the State Farm group increased in 2009 by $4.8 billion to end the year at $58.1 billion. The primary reason for the improvement was a $3.8 billion increase in the value of the property-casualty (P-C) companies' unaffiliated stock portfolio (net of deferred tax). The increase [...]
REMINDER: Insurers seeking limited apportionment company (“LAC”) status for 2010 must petition the Florida Office of Insurance Regulation (“OIR”) within the first 90 days of 2010. Applications received after this deadline will not be considered. Companies that had LAC status in 2009 must renew it this year. […]
The first stage of Citizens Property Insurance Corp.'s home reinspection program has uncovered errors that could yield about $350,000 in additional premium revenue for the state-owned insurer. To view the full story click here: http://www.tampabay.com/news/business/article1074207.ece
A 2001 amendment to Florida's no-fault law that requires insureds to notify their insurer that they intend to sue cannot be applied retroactively to policies issued before the amendment was enacted. To view the full story click here: http://www.insurancejournal.com/news/southeast/2010/02/11/107308.htm
Former Insurance Commissioner Bill Gunter's article makes the case that Floridians are suffering because of what Gunter calls 'political rate suppression.' He supports legislation that would allow insurance companies to charge an excessive rate that will 'bolster the voluntary marketplace, creating competition and ultimately driving the cost of insurance premiums down.' To view the full [...]
In a memo signed Tuesday, House Speaker Larry Cretul set guidelines to limit the number of claims bills this session given the state's budget crunch. To view the full story click here: http://blogs.tampabay.com/buzz/2010/02/with-no-money-house-speaker-limits-claims-bills-this-session.html
By Krista S. Kovalcin, FPCA Legal Team On December 11, 2009, the Internal Revenue Service ("IRS") issued two identical Private Letter Rulings (PLRs) in 200950016 and 200950017. The PLRs each held that, where there was risk shifting and risk distribution present in an arrangement involving a domestic captive reinsurer that was solely in the business [...]
With input from the Florida Property Casualty Association and other feedback from the Florida insurance industry, State Representative Bryan Nelson has generated draft legislation that, among other actions, would combat Personal Injury Protection ("PIP") fraud through clinic regulation. In regard to automobile insurance, the bill focuses on creating additional restrictions or penalties for PIP-related clinics, [...]
REMINDER: Insurers seeking limited apportionment company ("LAC") status for 2010 must petition the Florida Office of Insurance Regulation ("OIR") within the first 90 days of 2010. Applications received after this deadline will not be considered. Companies that had LAC status in 2009 must renew it this year. LACs are those that have surplus as regards [...]