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Insurance Commissioner Kevin McCarty has written a letter to The Heartland Institute responding to recent suggestions that the Office of Insurance Regulation should have made information about Northern Capital Insurance Company available to the public sooner than it did. Northern Capital was subject to administrative supervision by the Office of Insurance Regulation, but the company’s financial […]
Proposed administrative rules proving a grading system for an insurer report card are scheduled to be presented to the Financial Services Commission for adoption on August 26, 2010. The Office of the Insurance Consumer Advocate published the rules last year and held workshops and hearings to gather input from interested parties. Several insurer groups raised […]
The Florida legislature left Tallahassee nearly as quickly as they arrived last week. Governor Crist called the special session for the purpose of potentially adopting a constitutional amendment prohibiting oil drilling. The amendment could have been placed on Florida’s ballot this fall. However, opponents of adopting such an amendment point out that drilling is already prohibited […]
The Banking and Insurance Committee of the Florida Senate has announced its interim projects in anticipation of the 2011 legislative session. The committee staff will conduct project 2011-104 relating to sinkhole insurance, with a report due by October 1, 2010. The project summary notes that Florida has a large number of sinkholes, and problems in […]
On Thursday, July 8, Governor Charlie Crist called for a special session to consider adding a constitutional amendment on the November ballot banning offshore drilling in Florida waters. The session would run from July 20 to July 23. “I feel a compelling duty to protect Florida,” Crist said in his press conference from Tallahassee. It […]
The Florida Supreme Court on June 17, 2010, rendered a decision in Curd v. Mosaic Fertilizer, LLC, — So.3d –, 2010 WL 2400382 (Fla.), relating to liability for damages arising from the release of pollutants. In the case, the Court considered the following two questions certified to it by the Second District Court of Appeal […]
The Governor has approved legislation passed in the recent session addressing several aspects of Florida’s condominium insurance laws. Among the changes, the new law makes changes to insurance requirements that apply to condominium associations and unit owners’ policies. Some of these changes are similar to reforms that passed last year in a bill that ultimately […]
Along with Governor Charlie Crist’s approval of a bill streamlining commercial insurance rates (SB 2176) came approval of the “Safeguard Our Seniors” annuity legislation. The “safeguard Our Seniors” provisions were added to the commercial deregulation bill late in teh session and mark the culmination of three-year effort by CFO Alex Sink to pursue changes to […]
The Governor’s recent approval of SB 2176 might be best known for its provisions streamlining commercial insurance rate filings, or perhaps for its “Safeguard or Seniors” annuity provisions that have been championed by Chief Financial Officer Alex Sink. However, for Florida’s service agreement industry, the most significant changes appear in a series of amendments to […]
The Governor vetoed SB 2044, the big property bill, Tuesday night. In his veto message he expressed concern about the change in how mitigation credits and debits would be implemented and the expansion of the expedited rate filing process. The veto does mean that the prohibition against use and file expires on December 31, 2010. This bill […]
