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In a session marked as much by what did not pass as what did pass, one of the most significant pieces of legislation that cleared all of the hurdles during 2011 was the Commercial Insurance Rates bill (House Bill 99, Chapter 2011-160, Laws of Florida). The first version of this passed the Legislature and was […]
On September 30, 2011, The Florida Surplus Lines Service Office (FSLSO) sent notice of two changes. The first relates to the EMPA tax (Emergency Management Preparedness Assistance). As of October 1, 2011 this tax gets paid to the Florida Division of Emergency Management as a result of name changes and reorganizations implemented by the Governor. […]
The Florida Office of Insurance Regulation has named several veteran regulators to new positions within the agency. Some of the changes affect oversight of the property and casualty area, where the newly named senior regulators take the place of individuals who left the OIR to pursue other opportunities earlier this year. Richard Koon has been […]
By: Tom Crabb and Karen Asher-Cohen Adding to the risks faced by those who invest in life settlements, on September 20, 2011 the Delaware Supreme Court held that a life insurance policy can be challenged by the insurer for lack of an insurable interest even after the two year contestability provision in the policy has […]
Several months ago, the Florida Hurricane Catastrophe Fund (FHCF) released a proposal to gradually reduce the FHCF’s exposure to ensure it is able to meet its obligations to insurers. Jack Nicholson of the FHCF recently referred to moving from the current position in which the FHCF might meet its obligations, or hopes to meet its […]
The Banking & Insurance Committee of the Florida Senate has completed its review of a public records exemption for information submitted to the Department of Financial Services or Office of Insurance Regulation in connection with consumer service requests. The exemption applies to information submitted by consumers to the DFS’ Division of Consumer Services and to […]
The Florida Senate’s Banking & Insurance Committee recently released its open government review relating to an exemption from public records law for certain information related to auto insurance policies. Florida has broad public records laws that make most information in the hands of state government available to interested members of the public. However, the Florida […]
The state representatives of the Non-Admitted Insurance Multi-State Agreement (NIMA) have elected the group’s first Governing Committee. The Chairman of NIMA will be Insurance Commissioner Mike Chaney from Mississippi, the Vice-Chairman of NIMA will be Director of Insurance Merle Scheiber of South Dakota, and the Secretary of NIMA will be Insurance Commissioner Kevin McCarty of Florida. […]
The Florida Senate Banking and Insurance Committee released its issue brief (2012-226) regarding Citizens Property Insurance Corporation on September 1, 2011. As one would expect all of the numbers are very large. The brief provided up to date information on the total policies in force and the surplus in each of the three statutorily created […]
Governor Rick Scott issued Executive Order 11-01 as his first official act upon taking office earlier this year. The executive order directed all state agencies under the Governor’s control to suspend rulemaking and not to proceed with administrative rules until approved by a new Office of Fiscal Accountability and Regulatory Reform. The executive order also […]
