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Court Approves $6.2 Million Dollar Settlement Between EEOC and Sears

Court Approves $6.2 Million Dollar Settlement Between EEOC and Sears

Earlier this month, the EEOC announced that the agency had secured its largest Americans with Disabilities Act (ADA) settlement in history. The case against Sears Roebuck & Co was brought in the Northern District of Illinois in 2004 and just this month resulted in a court approved settlement.  In the lawsuit, the EEOC claimed that Sears implemented […]

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New Budget Includes Proposed Extension on COBRA Subsidy

New Budget Includes Proposed Extension on COBRA Subsidy

Among many other items of interest, President Obama’s proposed budget for fiscal year 2011 includes a continued COBRA subsidy proposal.  If enacted (and made retroactive to its proposed start date of March 1, 2010), the provision would continue a 65% subsidy for qualified workers who are laid off between March 31, 2010 and December 31, 2010.  […]

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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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Agent Penalty Workshop Held

Agent Penalty Workshop Held

On January 28, 2010, a rule development workshop was held regarding proposed changes to chapter 69B-231, F.A.C., related to penalty guidelines for insurance representatives.  This rule chapter sets forth penalties for various provisions of the Insurance Code by insurance representatives such as agents.  The changes are being made in response to legislative additions and deletions […]

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FSU Panel Discussion Slated for Today

FSU Panel Discussion Slated for Today

The Center for Insurance Research, part of the Risk Management & Insurance Program at the Florida State University College of Business, holds its first panel discussion luncheon today at 11:30.  The distinguished panel will include German professor Dr. Andreas Richter, Moira Campion McConaghy of the National Association of Insurance Commissioners, and Kevin McCarty, Commissioner of […]

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Summary of SB 1460 filed by Garrett Richter

Summary of SB 1460 filed by Garrett Richter

Richter is the chair of the Senate Banking and Insurance Committee.  This bill would address an accounting problem created by last year’s change in the “contract year” for the Florida Hurricane Cat Fund coverage. Last year’s change was intended to help insurers negotiate their reinsurance agreements earlier in the year with much more lead time […]

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