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Governor Rick Scott has signed SB 408 into law, giving effect to the series of property insurance reforms passed by the legislature in this session. Summaries of SB 408 can be found in our latest Florida Insurance Report available on this site. Insurance Commissioner Kevin McCarty issued a statement commending the Governor for his leadership […]
The Florida legislature passed Senate Bill 1816 authorizing the Florida Surplus Lines Office to implement NRRA, a Federal law designed to simplify surplus lines regulation by delegating most of the responsibility to the “home state” of the insured. How much taxation is actually simplified remains to be seen as a myriad of state laws and […]
In the property insurance arena, the legislative process is a delicate balancing act as the House and Senate attempt to make adjustments that will lead to insurance coverage that is both available and affordable while also ensuring that consumers are protected. SB 408, which recently passed in the legislature and is awaiting action by Governor […]
The Florida legislature passed SB 408 on Thursday reflecting an effort to address concerns in the property insurance market. Although in some cases weeks can pass before a bill is formally presented to the Governor for action, that will not be the case with SB 408. The bill has already been presented to Governor Scott […]
The current sinkhole claims crisis was one of the primary property insurance issues in the 2011 session. Insurers have paid more than $1 billion in sinkhole claims so far according to an Office of Insurance Regulation data call. Unfortunately, reviews found that up to 3/4 of policyholders filing these claims don’t make repairs. This has […]
The 2011 session of the Florida Legislature came to a close late last night (or this morning, as it went until about 3:00 a.m.). Most of the insurance related issues were resolved one way or the other by Thursday, including the chambers’ passing the major property insurance bill. One of the final insurance bills that […]
After a long and sometimes bitter battle, the Florida Legislature passed a property insurance bill, CS/CS/CS/SB 408 that makes significant changes even if it did not go as far as earlier drafts. The 129 page bill’s next stop will be the Governor. We will have a more complete report up soon, but here are some […]
A bill, CS/CS/HB 155 Privacy of Firearms Owners, that assures doctors are limited in their ability to protect kids by inquiring about fire arms from their patients became one of the first bills to pass both chambers. The bill also provides that insurers are prohibited from discriminating, denying coverage, or increasing premiums on the basis […]
The Florida Office of Insurance Regulation has announced a public hearing at which it will investigate claims settlement practices in the life and annuity industry. The OIR has directed that representatives of two insurers appear in Tallahassee on May 19 to address its concerns, and OIR advises that it continues to examine other insurers. According […]
On April 13, 2011, a judgment for more than $76 million was handed down by the Complex Litigation Division of the Miami-Dade Circuit Court against the former owners of Aries Insurance Company. The judgment announced by CFO Atwater, follows an extensive investigation by the Department of Financial Services (Department) that determined that Marcos Fraynd and […]
