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Several legislative committees will hear bills this week relating to key insurance issues. The House Banking and Insurance Subcommittee is expected to consider a bill allowing commercial motor vehicle and personal lines property and casualty insurance policies to be posted to the Internet rather than physically delivered in certain circumstances. The House committee also is […]
The Tallahassee Democrat’s editorial this morning entitled “Controlling Citizens” makes some important points about the current state of the supposed residual market. The theme of the editorial is that policymakers should make Citizens Property Insurance Corporation an insurer of “last resort” again. The editorial points out that 23 percent of Florida properties are insured by […]
Florida Chief Financial Officer Jeff Atwater spoke before the Senate Banking & Insurance Committee to say that “standing still” on Florida property insurance issues is not an option. Atwater encouraged the committee to pursue legislation designed to reduce the potential assessment burden on all Floridians that would arise from deficiencies in the state-created insurance entities. […]
The New Year’s celebrations are over and it’s back to work in Tallahassee. Before the annual legislative session begins in March, the Florida Legislature will hold a series of committee weeks to continue considering proposals for 2013. The insurance-related issues under consideration will range from health insurance to property insurance to workers’ compensation. The following […]
The Board of Governors of Citizens Property Insurance Corporation has agreed to spend $200,000 for a review of its proposed surplus note program by Goldman Sachs. In addition, the board authorized up to $200,000 for another review by a firm with actuarial experience. The surplus note program would allocate up to $350 million of Citizens’ surplus to companies seeking to […]
The Florida Hurricane Catastrophe Fund adopted its most recent bonding estimate this week and announced that it could fall $1.5 billion short of meeting its total outstanding reimbursement commitments in the first 12 months following a substantial hurricane. Over 24 months, however, the FHCF projects that it would be able to fully reimburse insurers for […]
The Florida Hurricane Catastrophe Fund (FHCF) Advisory Council convenes this afternoon by telephone conference to conduct its regular business and update the status of the FHCF. Perhaps of most interest to the insurance industry and interested parties, the Advisory Council will be reviewing and adopting an updating estimate of the FHCF’s bonding capacity.
Speaking at this morning’s meeting of the Florida Cabinet, SBA Executive Director Ash Williams provided an update on the status of the Florida Hurricane Catastrophe Fund. Mr. Williams noted that the FHCF has $8.5 billion in cash on hand. Nonetheless, the FHCF seeks to move forward with pre-event bond financing because, as pointed out by […]
The Florida Hurricane Catastrophe Fund (FHCF) adopts its reimbursement contract by administrative rule each year. The FHCF is holding a public forum this morning to consider any needed updates to Rule 19-8.010 relating to next year’s version of the reimbursement contract.
The campaign commercials on TV are a constant reminder that the fall election cycle is rapidly approaching. The presidential election commands most of the attention, but state legislative races have the most immediate bearing on insurance legislation in this state. As soon as the winners emerge from this fall’s elections, the legislature will hold and […]
