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The Internal Revenue Service has promulgated Revenue Procedure 2010-36 providing guidance to homeowners with damage to their residences from corrosive drywall. The procedure allows an affected homeowner to treat damages from corrosive drywall as a casualty loss for income tax purposes and provides a “safe harbor” formula for determining the amount of the loss. Taxpayers […]
With a little more than a month to go until the general election, the races to determine the future makeup of Florida’s Financial Services Commission appear they will go down to the wire. Under Florida’s unique regulatory structure, the Financial Services Commission consisting of the Governor, Chief Financial Officer, Attorney General and Commissioner of Agriculture, […]
Rick Scott’s campaign for Governor has released a paper on insurance and tort reform issues. Candidate Scott vows to restore Citizens Property Insurance Corporation to its initially envisioned role as a market of last resort. He emphasizes the importance of allowing the private market to compete amongst themselves, with competition serving as the primary determinant […]
Florida’s Chief Financial Officer Alex Sink has announced that Terry Butler will serve as the interim Interim Insurance Consumer Advocate. Terry has worked as an attorney in various insurance regulatory capacities throughout his career, including as the Senior Attorney in the Office of the Insurance Consumer Advocate since August 2007. “Terry’s legal experience and expertise in standing up for Florida’s […]
The Office of the Insurance Consumer Advocate held its most recent hearing last week on the insurer report card rule. Most insurers commenting on the rules believe that a “report card” can provide valuable information to insurance consumers as they consider their residential insurance options. However, the industry believes that the rule in its current […]
The Office of Insurance Regulation has heard reports of increased frequency for sinkhole claims, particularly in areas of Florida that are not usually identified with sinkhole problems. Mounting sinkhole losses for Citizens Property Insurance Corporation and admitted market insurers have prompted the OIR to send a data call to insurers to develop more information from […]
The Office of Insurance Regulation recently announced that Florida Insurance Commissioner Kevin McCarty joined regulators from other states in voting to approve the NAIC’s recommended language for the Medical Loss Ratio (MLR) definition under the federal Affordable Care Act. Due to the definition of medical expenses, health insurance agent premiums were not included in the definition of […]
With the primary races now behind us, the potential makeup of the Financial Services Commission for next year has become a little clearer. However, early guesses suggest that some of the general elections will be close and polls have had a tendency to shift this fall, so Floridians will continue to watch these races closely […]
Republican Senator Jeff Atwater and Democrat Loranne Ausley did not have to await Tuesday’s primaries to know they would be facing off in the race to follow Alex Sink as Florida’s Chief Financial Officer. Although it initially appeared Atwater would have a primary opponent, Atwater’s formidable fundraising and campaigning long ago sealed his place as the […]
The National Council on Compensation Insurance (NCCI) has filed a proposed 8.3% workers’ compensation rate increase with the Office of Insurance Regulation with an effective date of January 1, 2011. The proposed change change consists of a 3.4% increase due to a change in experience, a 3.9% increase due to a change in trend, and a […]
