As reported by the Florida Current, “While not declaring a solid caucus opposition, Senate Minority Leader Chris Smith said Wednesday that Democrats in the upper chamber will take a strong stand against plans to raise the cap on Citizens Property Insurance Corp. rates.” Read the entire story here
As reported by WorkersCompensation.com, “ The National Association of Insurance Commissioners (NAIC) has named its 2013 committee chairs and vice chairs, and assigned members to the organization’s standing committees.” Read the entire story here
Florida's insurance commissioner Kevin McCarty has proposed a set of reforms designed to return the state-back property insurer to being a residual market, while at the same time offering the private insurance market incentives to take on more property risks. Read the entire story here
As reported by the Florida Current, “Lawmakers in both chambers of the Legislature are taking a closer look at Florida’s economic incentives programs, after high-profile failures have left state taxpayers paying for companies that went bankrupt and failed to provide the promised jobs.” Read the entire story here
As reported by the Florida Current, the Senate Banking and Insurance Committee has been presented with several proposals that could greatly change the property insurance market next year. Read the entire story here
Tropical Storm Beryl, which brought heavy rains, winds and waves to the eastern coastline, has now been reclassified as a post-tropical storm, according to the National Hurricane Center. Read More Here
Florida Property& Casualty Association Chairman Charles Grimsley was interviewed on WOKV radio March 15, regarding insurance issues from the 2012 legislative session. Read More Here
At a Budget Conference meeting this afternoon, March 8, 2012, Florida Senator JD Alexander proposed changes to the Florida Hurricane Catastrophe Fund in House Bill 5505, a budget conforming bill. The new language reads: "Authorizes the Governor, at his option, to direct the State Board of Administration to create the Florida Insurance Premium Tax Pre-Payment [...]
According to a recent article by the Wall Street Journal, at the end of yet another hurricane season without a storm in Florida, "state politicians and Republican Governor Rick Scott are starting to reform two taxpayer-backed catastrophic insurance funds in advance of the next big wind." Read the entire story here
The state's property insurer of last resort, Citizens Insurance, warns customers of possible surcharge and assessment liability. According to the Tampa Bay Business Journal, "the state’s largest property insurer is making it clear that policyholders face possible surcharges and assessments for losses because it is not 'supported by the full faith and credit of the [...]