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Byline: Two Identical Private Letter Rulings By the IRS Hold Domestic Captive Insurance Arrangement with Reinsurer Deemed ‘Insurance’ for Federal Tax Purposes

February 10th, 2010|Opinion Pieces|

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 [...]

State Representative Nelson Issues Draft PIP Anti-Fraud Bill

February 3rd, 2010|Daily News|

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: Insurer Deadline To Apply For 2010 Florida Limited Apportionment Status is March 31

February 1st, 2010|Daily News|

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 [...]

State Farm to nonrenew thousands of customers

January 28th, 2010|Daily News|

Thousands of State Farm property insurance customers will be seeing nonrenewal notices in their mailboxes next week. To read more: http://hosted.ap.org/dynamic/stories/F/FL_STATE_FARM_FLOL-?SITE=FLPET&SECTION=HOME

Florida Mitigation Discount System Hurts Market

January 28th, 2010|Daily News|

Since the windstorm mitigation discounts were implemented for Florida homeowners, the residential property insurance market's financial performance has worsened, according to a state study group. To read more: http://www.property-casualty.com/News/2010/1/Pages/Report-Says-Fla-Mitigation-Discount-System-Hurts-Market.aspx

First District Court of Appeal Holds That Florida’s Bad Faith Statute Does Not Apply To Citizens

January 27th, 2010|Daily News|

In a December 18, 2009 opinion on Citizens Property Insurance Corp. v. Garfinkel, the Fifth District Court of Appeal held that, not only was Citizens Property Insurance Corporation ("Citizens") immune from first-party bad faith claims, but that Florida's bad faith statute does not apply to Citizens.

Representative Nelson To File Insurance Anti-Fraud Bill

January 27th, 2010|Daily News|

The Florida Property Casualty Association ("FPCA") has been advised that State Representative Bryan Nelson is working on a 2010 bill that would combat Personal Injury Protection ("PIP") fraud through clinic regulation.

CFO Sink Encourages Homeowners to Check Sinkhole Coverage

January 19th, 2010|Daily News|

Florida CFO Alex Sink is urging Hillsborough County and surrounding county homeowners to check their homeowner insurance policy for sinkhole coverage in light of this week's sinkhole activity in the area. For more information, click here http://www.myfloridacfo.com/pressoffice/ViewMediaRelease.asp?ID=3402

Insurance group pushes for higher Florida property rates

January 13th, 2010|News Releases|

More than half of Florida's residential property insurers lost money last year, despite four years without a major hurricane, according to a study released Wednesday by the Florida Association of Insurance Agents. See full article from South Florida Business Journal: http://southflorida.bizjournals.com/southflorida/stories/2010/01/11/daily29.html

Florida Health Care Summit Panels Review Florida Impact of Pending Federal Health Care Reform

January 12th, 2010|Daily News|

Over 200 insurance agents, brokers and health professionals attended the "Florida Health Care Summit" on January 11, 2010, during which various panel discussions on the Florida impact of federal health care reform legislation carried the common theme of necessity for continued state control. Florida Insurance Commissioner Kevin McCarty was among the speakers at the event. [...]