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In the last weeks of the 2011 legislative session, HB 1087 picked up a number of amendments that resulted in its becoming the insurance “train” bill for this year. Governor Scott has now signed this bill into law. Most of its provisions become effective July 1, 2011, although some provisions are effective immediately. For a summary […]
Governor Rick Scott has signed HB 99 into law, reducing Florida’s regulation of commercial insurance rates. In 2010, the legislature amended section 627.062 to provide that limited types of commercial insurance rates are not subject to prior regulatory approval. Instead, insurers writing the listed types of products can implement rate changes subject to a notice […]
The 2011 Legislative Session has come to a close and the results are in. Check back for an up-to-date status on those bills affecting the insurance industry. For more information email david@radeylaw.com or any of the members of our insurance team. Bill Number Summary Action by Governor CS HB 97 Health Insurance […]
The 2011 Atlantic Hurricane season is officially underway, and with it comes the annual concerns for Florida and other coastal states. In the insurance industry, we tend to focus on the economic effects of hurricanes– the design of insurers’ reinsurance programs, the impact on Citizens Property Insurance Corporation and its reliance on assessments, and the […]
The United States Court of Appeals for the 11th Circuit has determined that Florida’s cap on noneconomic medical malpractice damages (Section 766.118, Florida Statutes) passes constitutional muster under the Equal Protection Clause and Takings Clause of the U.S. Constitution as well as the Takings Clause of the Florida Constitution. However, the 11th Circuit has certified […]
The Florida Office of Insurance Regulation holds a public hearing today beginning at 9:30 to discuss life insurance claims settlement practices. The OIR delivered investigative subpoenas to MetLife and Nationwide Life. The OIR has indicated it also is looking into other insurers’ claims practices. Florida is part of a national task force reviewing these issues. […]
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 […]
