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An Unwelcome Prediction

An Unwelcome Prediction

Amidst discussion about Citizens Property Insurance Corporation’s proposed sinkhole rates, and more broadly about debt ceilings and credit ratings, a recent NOAA prediction did not receive much attention. With the recent demise of Tropical Storm Emily, we have now seen five named storms in the current hurricane season. In May, the NOAA predicted the season […]

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Officials Urge Phase-In of Citizens Sinkhole Rate Change

Officials Urge Phase-In of Citizens Sinkhole Rate Change

Citizens Property Insurance Corporation got the insurance world talking recently when it announced that rates for sinkhole coverage would increase by an average of 400 percent, and by much higher amounts in certain areas. Citizens’ rate increases are capped at 10 percent per policyholder per year, but the 2011 legislature removed sinkhole coverage from the […]

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DFS Proposes Changes to Appearance of Annuity Cover Pages

DFS Proposes Changes to Appearance of Annuity Cover Pages

The subject of annuities was addressed in the last days of the 2010 Florida Legislative Session in a general insurance bill (SB 2176), now Chapter 2010-175, Laws of Florida.  The statute, section 626.99(4)(c), was amended to require cover pages for fixed and variable annuity contracts.  For fixed annuities the statute requires the notice to be […]

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Governor Scott Raises Possibility of Optional PIP

Governor Scott Raises Possibility of Optional PIP

Gov. Rick Scott recently indicated that he would support making personal injury protection coverage, or PIP, optional.  Currently, Florida motorists are required to carry $10,000 in PIP coverage.  PIP pays medical bills without regard to who as it fault in an accident.  However, PIP coverage has been the subject of considerable fraud such as staged accidents and […]

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NRRA Implemented

NRRA Implemented

The Florida Surplus Lines Office and the Department of Financial Services (collectively “Florida”) moved forward on July 1, to implement the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) enacted by Congress and chapter 2011-46, Laws of Florida, enacted by the Florida Legislature.  Florida selected July 1 as the date the surplus lines risks for […]

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Radey Thomas Yon & Clark Among Florida Trend Best Companies to Work For

Radey Thomas Yon & Clark Among Florida Trend Best Companies to Work For

Radey Thomas Yon & Clark, P.A. today announced that Florida Trend magazine ranked it among the Top 100 Best Companies to Work for in Florida.  Florida Trend annually ranks the “Best Companies to Work for in Florida,” and its August issue lists the 2011 winners.  The firm is one of only four Tallahassee companies to […]

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Robin Westcott Named Insurance Consumer Advocate

Robin Westcott Named Insurance Consumer Advocate

Chief Financial Officer Jeff Atwater has named Robin Westcott as Florida’s next Insurance Consumer Advocate.  CFO Atwater chose Ms. Westcott based on her long career in insurance regulation and her knowledge of issues that affect the insurance-buying public.  “Robin will be an ardent, outspoken and persistent advocate for Florida’s insurance consumers,” said CFO Atwater.  “She is committed to […]

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NIMA Gains 6th State

NIMA Gains 6th State

The Florida Office of Insurance Regulation has announced that South Dakota has become the 6th state to join the Non-Admitted Insurance Multi-State Agreement. According to OIR, the six NIMA states represent 19.6 percent of the surplus lines market countrywide, according to 2009 data. The OIR believes additional states may join NIMA when the July 21, […]

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Privatizing Citizens?

Privatizing Citizens?

Citizens Property Insurance Corporation Jim Malone created a buzz today when he suggested that Citizens’ risks should be privatized in some manner. Malone lamented that Citizens continues to grow as its rate levels remain subject to a glide path cap while the private market’s rate increase due to cost drivers in the market. So, can […]

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Senate Committee Interim Projects Affect Health Insurers

Senate Committee Interim Projects Affect Health Insurers

The Florida Senate will conduct several interim projects in anticipation of the 2012 session that may be of interest to health insurers.  In particular, the following projects relating to Health Regulation may have direct or indirect impacts on the health insurance market: Review 24-hour Admissions Limitations in Ambulatory Surgical Centers Review Consolidating, Eliminating, or Reorganizing […]

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