Insurance Blog
Banking and Insurance Committee to Conduct Interim Projects
The Banking and Insurance Committee of the Florida Senate has announced its interim projects in anticipation of the 2011 legislative session. The committee staff will conduct project 2011-104 relating to sinkhole insurance, with a report due by October 1, 2010. The project summary notes that Florida has a large number of sinkholes, and problems in …
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Governor Crist Calls for Special Session
On Thursday, July 8, Governor Charlie Crist called for a special session to consider adding a constitutional amendment on the November ballot banning offshore drilling in Florida waters. The session would run from July 20 to July 23. “I feel a compelling duty to protect Florida,” Crist said in his press conference from Tallahassee. It …
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Florida Supreme Court Renders Pollution Liability Decision
The Florida Supreme Court on June 17, 2010, rendered a decision in Curd v. Mosaic Fertilizer, LLC, — So.3d –, 2010 WL 2400382 (Fla.), relating to liability for damages arising from the release of pollutants. In the case, the Court considered the following two questions certified to it by the Second District Court of Appeal …
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Condo Insurance Laws to Change July 1
The Governor has approved legislation passed in the recent session addressing several aspects of Florida’s condominium insurance laws. Among the changes, the new law makes changes to insurance requirements that apply to condominium associations and unit owners’ policies. Some of these changes are similar to reforms that passed last year in a bill that ultimately …
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Safeguard Our Seniors Becomes Law
Along with Governor Charlie Crist’s approval of a bill streamlining commercial insurance rates (SB 2176) came approval of the “Safeguard Our Seniors” annuity legislation. The “safeguard Our Seniors” provisions were added to the commercial deregulation bill late in teh session and mark the culmination of three-year effort by CFO Alex Sink to pursue changes to …
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Reduced Regulation for Florida Service Contracts
The Governor’s recent approval of SB 2176 might be best known for its provisions streamlining commercial insurance rate filings, or perhaps for its “Safeguard or Seniors” annuity provisions that have been championed by Chief Financial Officer Alex Sink. However, for Florida’s service agreement industry, the most significant changes appear in a series of amendments to …
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Governor vetoes property bill; signs commericial deregulation bill
The Governor vetoed SB 2044, the big property bill, Tuesday night. In his veto message he expressed concern about the change in how mitigation credits and debits would be implemented and the expansion of the expedited rate filing process. The veto does mean that the prohibition against use and file expires on December 31, 2010. This bill …
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Governor Kills “Cost Drivers” Bill
Senate Bill 2044 became the primary property insurance bill during the 2010 legislative session, particularly for issues relating to residential insurance. The bill reflected input from a variety of interested parties, including the Office of Insurance Regulation, the insurance industry, the trial bar, and public adjusters. Although a number of parties commented after the session …
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Commercial Rate Filing Revisions Approved by Governor
The Governor has approved Senate Bill 2176 as passed in the 2010 legislative session. The bill addressed several high profile topics, including the process by which commercial property and casualty insurers may adjust their rates. The bill revises current rate submission and approval requirements for selected types of commercial insurance, including: Excess or Umbrella Surety …
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Public Records Exemptions for Modeling Continue
Two existing public records exemptions relating to catastrophe modeling have been extended due to action by the Florida legislature and approval by Governor Crist. House Bill 7121 has become Chapter Law 2010-137. This law extends the public records exemption for loss and exposure data submitted by insurers in the development and maintenance of the public …
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