Post Hurricane Irene: The wind vs. water debate
Explore the wind vs. water debate, and how things were different this time around (compared to 2005) in this PropertyCasualty360 article. Read more here
Florida Chief Financial Officer Jeff Atwater Calls for Personal Injury Protection Reform in Letter to Floridians
In the August 19, 2011 edition of the Florida Department of Financial Services' weekly eNewsletter, "Dollars & Sense," Florida Chief Financial Officer Jeff Atwater published a letter to Floridians in which he expresses his commitment to fighting automobile insurance fraud in the State.
Gov. Scott Directs Florida Insurance Commissioner to Work On Personal Injury Protection Insurance Anti-Fraud Legislation
The News Service of Florida is reporting that Governor Rick Scott has asked Florida Insurance Commissioner Kevin McCarty to work on legislation that would combat personal injury protection fraud in Florida. The subject was discussed at a regular meeting of the Florida Cabinet held today, August 16, 2011.
More on Florida’s continuing sinkhole debate
As reported by Florida Underwriter magazine, insurance groups, legislators and others around the state continue to debate proposed rate increases for sinkhole coverage. Read the entire story here
Florida OIR Notifies Residential Property Insurers of Statutory Changes to the Minimum Surplus Requirements
Pursuant to the enactment of CS/CS/CS/SB 408, the Florida Office of Insurance Regulation ("OIR") issued a July 1, 2011 Informational Memorandum (OIR-11-O5M) advising all residential property insurers in the State of Florida of changes to the minimum surplus requirements. Specifically, the OIR Memorandum notifies insurers of the legislative amendment to Section 624.407, Florida Statutes, regarding [...]
First District Court of Appeal Confirms Attorney’s Fees Are Limited to Percentage of Benefits Obtained in Workers’ Comp Cases
In Kauffman v. Community Inclusions, Inc./Guarantee Insurance Co., 57 So. 3d 919 (Fla. 1st DCA 2011), the First District Court of Appeal confirmed that the workers’ compensation statute, section 440.34, Fla. Stat., limits claimants’ attorney’s fees to a percentage of benefits obtained based on a statutory formula. […]
Florida CFO Jeff Atwater, State Rep. Bryan Nelson Join Other Lawmakers, Florida OIR, NICB and Central Florida Law Enforcement at Personal Injury Protection (PIP) Summit
Florida Chief Financial Officer Jeff Atwater, House Insurance and Banking Subcommittee Chairman Bryan Nelson, State Representative Geraldine Thompson and Senator Gary Siplin joined the Florida Office of Insurance Regulation (“OIR”), the National Insurance Crime Bureau and Central Florida law enforcement officials in hosting a summit on auto insurance fraud at the Rotary Club of West Orlando this morning, June 29, 2011. […]
Mitigation and Building Code-Related Bills Filed In Congress
Intended to encourage residential property mitigation and stronger building codes, respectively, two bills were filed in the U.S. House of Representatives during June 2011. Below is a summary of each: H.R. 2099 - The Natural Disaster Mitigation Act of 2011 On June 2, 2011, United States Representatives Tom Rooney (R-Fla.), Bennie Thompson (D-Miss.), Allan West [...]
Florida Joins Nonadmitted Insurance Multi-State Agreement (NIMA)
The Florida Office of Insurance Regulation ("OIR") announced that the State has joined the Nonadmitted Insurance Multi-State Agreement ("NIMA"). NIMA will allow participating states to consolidate the collection, allocation and reporting of premium taxes for multi-state surplus lines insurance transactions pursuant to the Nonadmitted and Reinsurance Reform Act, part of the Dodd-Frank Wall Street Reform [...]
South Florida Times: How new bills will affect hurricane insurance
According to a recent South Florida Times article, Florida's property insurance companies say they are still losing money despite collecting billions in premiums. "That has industry leaders, Gov. Rick Scott and Republican lawmakers hoping that a recently signed bill will make them profitable and spur competition. Proponents say that would drive down rates in the long-run [...]