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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. […]
Florida Insurance Commissioner Kevin McCarty presented ideas for “principle-based” insurance reform to the Senate Banking and Insurance Committee this afternoon. In his presentation, Commissioner McCarty identified several reasons the private market has difficulty competing with Citizens Property Insurance Corporation. Among these, the Commissioner noted a “mismatch” between primary rate levels and the mitigation discounts for […]
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 […]
Each year, the legislature asks its committees to review significant issues and prepare reports in anticipation of the the next legislative session. This year is no different, and the Senate recently released its list of interim projects. Projects of the Banking & Insurance Committee can be seen in the attached document. Project 2012-11 will be […]
The Office of Insurance Regulation has heard reports of increased frequency for sinkhole claims, particularly in areas of Florida that are not usually identified with sinkhole problems. Mounting sinkhole losses for Citizens Property Insurance Corporation and admitted market insurers have prompted the OIR to send a data call to insurers to develop more information from […]
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 […]
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 […]
