Former Louisiana Citizens Property Insurance Corporation Chief Executive Officer J. John Wortman and former Florida Citizens Property Insurance Corporation ("Citizens") Director of Corporate Analytics John W. Rollins were appointed by Florida Governor Rick Scott to Citizens' Board of Governors September 20, 2011.
Florida Senators Garrett Richter and Chris Smith will remain as Chair and Vice Chair of the Senate Committee on Banking and Insurance, the Office of Florida Senate President Mike Haridopolos advised as part his overall announcement of 2011-2012 Florida Senate Committee and Subcommittee members.
As reported by the Associated Press, "Florida's largest insurer of homes and businesses has agreed to lower a proposed rate hike for sinkhole coverage that would take effect next year." Read the entire story here
Under fire for a proposed sinkhole rate hike that would raise some policyholders’ premium costs by thousands of dollars, Citizens Property Insurance Corporation (“Citizens”) Board of Governors (“Board”) met today, September 12, 2011, during which it unanimously approved a measure that would allow the rate increases to be phased-in over several years. “CFO Atwater asked that the Board quickly convene to ensure that the pending sinkhole filing properly considered the effects of SB 408 and to discuss a phased in implementation of sinkhole rates. I thank my fellow Board members, who acted promptly on the CFO’s request, and came together on short notice to address this important issue,” said Carlos Lacasa, Citizens’ newly appointed chairman. […]
The Florida Supreme Court heard oral arguments today, September 9, 2011, in the case of Atwater v. Kortum, which challenges the constitutionality of a 2008 Florida law regarding how and when public insurance adjusters may contact property owners following a disaster.
Explore the wind vs. water debate, and how things were different this time around (compared to 2005) in this PropertyCasualty360 article. Read more here