Blog
Workers’ Compensation Excess Profits Repeal Passes House
The Florida House of Representatives has passed a bill (HB 4169) that would repeal Florida’s excess profits law for workers’ compensation insurance. The Senate should consider this favorable proposal, but unfortunately no companion bill exists. The excess profits law requires workers’ compensation insurers to refund their “excess” profits earned over a three-year period if they …
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The Foreseeable Consequences of SB 1372
A proposal to reduce the size of the Florida Hurricane Catastrophe Fund (FHCF) remains under consideration in the Florida Senate in the form of SB 1372. A similar proposal exists in the House of Representatives but has not advanced thus far in the 2012 legislative session. This proposal, which has been termed the FHCF “right-sizing” …
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Florida Tourism Hits Record Level
Last night I read an article published by News Service of Florida, whose timely articles and analysis I always enjoy. I mostly pay attention to their articles on insurance-related issues, legislative events, Florida politics and similar issues relating to being a member of a capital-based law firm serving regulated industries. However, this article caught my …
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Surplus Lines Insurers Might Gain Right to Write Citizens Policies
The Florida House of Representatives has advanced its version of the proposal allowing surplus lines insurers to take policies from Citizens Property Insurance Corporation, leaving the issue in the hands of the Senate. By a vote of 66-48, the House passed HB 245 allowing surplus lines insurers meeting certain requirements to enter into Consent Orders …
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McCarty Urges PIP Reform
Insurance Commissioner Kevin McCarty called for the Florida legislature to reform this state’s Personal Injury Protection (PIP) auto insurance laws at a media availability this afternoon. According to Commissioner McCarty, if the legislature does not act PIP rates will continue to rise to unsustainable levels, which ultimately would force repeal of the law. PIP reform …
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Medical Malpractice Protection for ER Doctors Advances
The House Judiciary committee has favorably reported HB 385 by an 11-2 vote. The proposal would grant sovereign immunity protection to emergency physicians. Current law provides that claims under sovereign immunity protection are limited to $200,000 per person and $300,000 per incident. The bill finds that ensuring access to emergency medical services is an important …
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PIP Bill Clears House Civil Justice Subcommittee
The House version of a plan to reform Florida’s personal injury protection laws has cleared the House of Representatives’ Civil Justic Subcommittee by a 10-5 vote. The next scheduled stop for the bill is the Economic Affairs Committee. The House proposal (HB 119) is a 109-page bill making a number of changes designed to curb …
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Bad Faith Reform Stalls
The effort to reform Florida’s “bad faith” law hit a roadblock in the House of Representative that might signal its demise for this year. The House Civil Justice Subcommittee narrowly defeated HB 427 by an 8-7 vote. The bill would extend the provisions of Section 624.155, Florida Statutes, to common law bad faith claims in …
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House Committee to Consider Bill to Help Market
The House insurance and banking subcommittee today considers a bill (HB 1127) that has broad support and would be one component of restoring private sector interest in the Florida property insurance market. The bill would reduce Citizens Property Insurance Corporation’s reliance on so-called regular assessments in favor of emergency assessments. The difference, of course, is …
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Health and Human Services Not Budging on Medical Loss Ratio
The U.S. Department of Health and Human Services has informed the Florida Office of Insurance Regulation that it will not reverse its decison to impose a medical loss ratio requirement of 80% on health insurers. The Florida Office of Insurance Regulation has been concerned for many months that imposing this medical loss ratio will be damaging …
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Insurance & Banking Subcommittee to Review FHCF Proposal
The Insurance & Banking Subcommittee of the Florida House of Representatives is scheduled to hold a workshop today to consider proposals for shrinking the Florida Hurricane Catastrophe Fund. Jack Nicholson of the FHCF has advanced a proposal that will reduce the size of the FHCF, increase the industry’s retention, and increase the cost of FHCF …
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Legislature Considers Surplus Lines Insurers for Citizens Depopulation
Both chambers of the Florida legislature are advancing bills that would surplus lines insurers to remove policies from Citizens Property Insurance Corporation. As Citizens’ policy count continues to skyrocket, the legislature is looking for opportunities to attract insurers that might be interested in its policies. Opponents of the bill have questioned whethere it contains enough protections for …
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First Do No Harm
We’ve heard the phrase before in many contexts– first do no harm. Let’s hope this line of thinking applies to the 2012 legislative session, particularly as it relates to Florida’s residential property insurance market. Governor Rick Scott issued a challenge several months ago for Citizens Property Insurance Corporation to dramatically reduce its exposures. Unfortunately, its …
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Bill Would Adopt Interstate Insurance Product Regulation Compact
Senate bill 1386 proposed for the 2012 legislative session would adopt the Interstate Insurance Product Regulation Compact in Florida and improve the efficiency of bringing certain products to market in this state. The bill recognizes that the marketplace for lif insurance, annuities, disability income insurance and long-term care insurance have changed over the years warranting …
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New Year to Start Fast for Insurance and Other Issues
The holiday season always seems to pass too quickly. After an extended period of unwinding and spending time with families and friends, the new year always brings an abrupt end to this relaxed pace as we return to work, children return to school and we pick up where we left off. This will especially be …
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