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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 […]
Senate Bill 2044 became the primary property insurance bill during the 2010 legislative session, particularly for issues relating to residential insurance. The bill reflected input from a variety of interested parties, including the Office of Insurance Regulation, the insurance industry, the trial bar, and public adjusters. Although a number of parties commented after the session […]
The Governor has approved Senate Bill 2176 as passed in the 2010 legislative session. The bill addressed several high profile topics, including the process by which commercial property and casualty insurers may adjust their rates. The bill revises current rate submission and approval requirements for selected types of commercial insurance, including: Excess or Umbrella Surety […]
Two existing public records exemptions relating to catastrophe modeling have been extended due to action by the Florida legislature and approval by Governor Crist. House Bill 7121 has become Chapter Law 2010-137. This law extends the public records exemption for loss and exposure data submitted by insurers in the development and maintenance of the public […]
A Tallahassee circuit court in the case of Frederick W. Kortum, Jr. v Alex Sink, upheld the state statute that prohibits adjusters from soliciting insured homeowners within 48 hours of a catastrophe. The ban contained in section 626.854(6), Florida Statutes, was challenged as an unconstitutional suppression of commercial free speech and a violation of the […]
A bill passed in the 2010 legislative session relating to recouping Florida Insurance Guaranty Association assessments will become law effective July 1, 2010. The new law (Chapter Law 2010-49) streamlines the process by which insurers may recoup assessments levied by FIGA. An insurer seeking to recoup an assessment will make an informational filing with the […]
Employers would be interested to review the USDOL’s regulatory agenda published in Spring 2010. In particular, employers should note the USDOL’s emphasis on proactive measures that the department would like to require employers to take before the USDOL investigator arrives. Indeed, the USDOL’s agenda marks the end of any regulatory tolerance for what the government […]
