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Insurance

PIP Insurance Fraud The Subject Of A Tampa Press Conference By CFO Sink And Pending Legislation

PIP Insurance Fraud The Subject Of A Tampa Press Conference By CFO Sink And Pending Legislation

Staged accidents, phony billing, and other types of personal injury protection (PIP) insurance fraud continue to be a major problem in Florida and the investigation and prosecution of PIP fraud is a high priority for the state’s Division of Insurance Fraud.  Those were the main messages of a March 5, 2010, press conference held in […]

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Rate Process, Depreciation Holdback Among Key Legislative Issues

Rate Process, Depreciation Holdback Among Key Legislative Issues

Each year at the outset of the legislative session, there is considerable speculation as to proposals that might pass and those that will fall by the wayside.  Some proposals evoke strong feelings from opposing sides of the debate, as is likely to be the case in 2010 with proposals like the “consumer choice” bill that […]

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RTYC Website Garners Silver ADDY Award

RTYC Website Garners Silver ADDY Award

Radey Thomas Yon & Clark congratulates Taproot Creative, developer of our www.radeylaw.com website, on its recent ADDY award in the interactive media division.  Taproot Creative submitted www.radeylaw.com for consideration as an example of its website development work, and the site won a silver ADDY award from the American Advertising Federation. Radey Thomas Yon & Clark […]

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FHCF Bill on Fast Track

FHCF Bill on Fast Track

Senator Garrett Richter’s Cat Fund bill (CS/SB 1460) sailed through the Banking and Insurance Committee.  The bill addresses the accounting problems insurers have encountered with the contract year change made in statutory amendments last year.  The bill will require companies to execute reimbursement agreements in March, but provide that the contract year will still run […]

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OIR Holds Workshop On Workers’ Comp Excess Profits Rule; Few Details Emerge

OIR Holds Workshop On Workers’ Comp Excess Profits Rule; Few Details Emerge

On February 22, 2010, the Office of Insurance Regulation held a workshop on potential revisions to the workers’ compensation insurance excessive profits rule (69O-189.007, F.A.C.) and its incorporated Excessive Profits Reporting Form (OIR-B1-15).  The Office is engaging in rulemaking as the result of an agreement reached with the petitioner in an ongoing administrative law rule […]

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Coventry Trade Secrets And Work Papers Submitted To OIR To Remain Confidential

Coventry Trade Secrets And Work Papers Submitted To OIR To Remain Confidential

Coventry First LLC is a Florida viatical settlement provider.  It provided the OIR with thousands of pages of documents during OIR’s regulatory investigation of Coventry’s business in 2007.  Among the documents produced to the OIR were Coventry trade secrets.  When the documents were produced, the Insurance Code made the documents confidential and exempt from disclosure […]

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Insurer Report Card Rule Presses Forward; Industry Impacts Remain Uncertain

Insurer Report Card Rule Presses Forward; Industry Impacts Remain Uncertain

By statute, the OIR is to adopt an administrative rule that creates a “report card” for personal residential property insurers.  This is to include a letter-grade scale which grades each insurer on the number and nature of consumer complaints received by the Department of Financial Services against the insurer, the disposition of complaints, the average […]

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Senate Banking and Insurance Committee Moves Bills On Consumer Credit Protection and Annuity Sales Practices

Senate Banking and Insurance Committee Moves Bills On Consumer Credit Protection and Annuity Sales Practices

At today’s Senate Banking and Insurance Committee meeting, the Committee responded favorably to all the proposed legislation on its agenda.  SB844 amends the Insurance Code to enhance penalties for unethical annuities sales practices and provides additional consumer protections for senior citizens who purchase annuity products.  SB844, introduced by Senator Bennett, was reported favorably by the […]

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McCarty Taps Jack McDermott for Director of Communications

McCarty Taps Jack McDermott for Director of Communications

On February 1, Insurance Commissioner Kevin McCarty announced that he was removing the “acting” from Jack McDermott’s title, making him the Director of Communications for the Office of Insurance Regulation.  His duties will include overall media relations, public information, speechwriting and content of all Office reports and publications. Jack has worked at the Office for […]

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Final Report Discusses Mitigation Discount Process

Final Report Discusses Mitigation Discount Process

The Florida Commission on Hurricane Loss Projection Methodology has released its final Windstorm Mitigation Discounts Report discussing problems with the current mitigation discount process and recommending a series of potential solutions.  The 2009 Florida Legislature asked the modeling commission to review the current process by which personal and commercial residential policyholders receive discounts on their […]

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