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The state’s search for a new insurance commissioner to replace outgoing commissioner Kevin McCarty will continue into April. The four-member Financial Services Commission (Governor and Cabinet) is responsible for selecting the next commissioner by majority vote, with the caveat that the Governor (Rick Scott) and Chief Financial Officer (Jeff Atwater) must be on the prevailing side. The […]
Resolutions passed by the Senate Ethics and Elections Committee would add two positions to the Florida Cabinet if they continue to advance in the current legislative session. The committee unanimously approved resolutions SJR 942 and SJR 1424, which would make the Commissioner of Education and Secretary of State elected positions that would be part of the Cabinet. […]
The Financial Services Commission (FSC), consisting of the Governor, Chief Financial Officer, Attorney General and Commissioner of Agriculture, discussed the process of finding Florida’s next Insurance Commissioner at their regularly scheduled Cabinet meeting. The FSC intends to conduct a nationwide search and agreed to potentially increase the compensation level to attract highly qualified candidates. The […]
Florida Insurance Commissioner Kevin McCarty’s announcement that he is resigning effective May 2, 2016, puts Florida in a position it has been in only once before– needing to appoint an insurance commissioner to lead the Florida Office of Insurance Regulation (OIR). McCarty is the first, and only, insurance commissioner appointed after the restructuring of the […]
Chief Financial Officer Jeff Atwater said this week that he won’t run for the U.S. Senate seat being vacated by Marco Rubio in 2016. Atwater decided against a Senate run earlier this year, but his prominence as a statewide elected official coupled with the lack of a clear-cut leader to replace Rubio prompted speculation as […]
Florida’s Chief Financial Officer Jeff Atwater has named Sha’Ron James as the state’s Insurance Consumer Advocate effective August 3. Ms. James most recently has been the Director of the Division of Rehabilitation & Liquidation within the Department of Financial Services. “Sha’Ron’s experience holding insurance companies accountable and her in-depth understanding of the insurance industry raises […]
Florida Chief Financial Officer Jeff Atwater made headlines this weekend when he announced that he will forego a potential opportunity to run for the U.S. Senate in 2016. Current U.S. Senator Marco Rubio is expected to announce his bid for the presidency next week, creating an opening for interested candidates to jump into the race […]
The Florida Hurricane Catastrophe Fund is seeking authorization from the Trustees of the State Board of Administration to explore, negotiate and enter into a combination of risk transfer products and/or pre-event notes totaling up to $2.2 billion. The Trustees of the State Board of Administration are the Governor, Chief Financial Officer and Attorney General. The issue […]
Chief Financial Officer Jeff Atwater recently called for an insurance company stress test designed to give consumers confidential that Florida’s residential property insurers are well-managed and will be able to deliver when Florida next experiences a hurricane. Atwater believes the results should be made public and should show the process the insurers, particularly smaller insurers, […]
The Governor and Cabinet serve as a collegial governing body known as the Financial Services Commission, which has rulemaking authority for the Office of Insurance Regulation. In addition, the FSC designates the insurance commissioner by a majority vote, with the Governor and Chief Financial Officer required to be on the same side. After last night’s elections, […]
