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 Looking Back at Philipsburg
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I’m listening to the GOP debate on MSNBC, currently in the candidates-ask-each-other-questions phase, and unsurprisingly Giuliani posed a question on the concept of a national cat pool to to Romney (with McCain jumping in as his name was taken in vain). Giuliani posed his question to Romney, A few thoughts: We just had more discussion on the [...] 
For folks who have been staying at least semi-aware of the property insurance circus in Florida, it doesn’t contain any particularly new information….but for folks who have been out of the loop, the Washington Post has run an article summarizing the Florida insurance debate to date: Last year’s legislation saved insurers money because the state assumed [...]
I came across this article in this morning’s Wall Street Journal (subscriber link): Regulators accused the company of failing to comply with a subpoena issued in October. In it, Florida Insurance Commissioner Kevin McCarty demanded documents detailing Allstate’s relationship to insurance trade groups, risk-modelers and ratings agencies as part of an inquiry into why insurance overhauls [...]
Seen in an Orlando Sentinel blog: A short while after launching a hearing into Allstate’s insurance rates today, Florida Insurance Commissioner Kevin McCarty was so displeased with the company’s responses he abruptly called off the hearings. “Allstate’s total lack of cooperation and responsiveness made it unproductive to continue the hearing,” McCarty said in a statement. “The bottom [...]
Seen in Insurance Journal: Florida officials have subpoenaed Allstate Insurance and its subsidiaries to get the insurer to explain why it is not lowering homeowners insurance rates in the state and to defend its dealings with the industry’s risk modeling and rating organizations.[...] “The legislation enacted in January was very specific about its requirement that insurers reduce [...]
Seen in Insurance Journal: Sink is preparing legislation and will urge legislative leaders to implement the proposal during the upcoming special session. Additionally, Sink announced that she will present her proposal at the Florida Cabinet meeting on Oct. 16. If approved by the Legislature before the end of the month, the reformed Cat Fund will begin evaluating [...]
Also seen in Insurance Journal: Insurers faced a Monday deadline for filing proposed property insurance rates based on the new law, which increases access to cheaper backup insurance for the companies. Most insurance companies buy large amounts of reinsurance to insulate them against big hurricane losses.[...] State insurance regulators haven’t compiled a complete list of all the [...]
Seen at Insurance Journal: Florida’s public school teachers are returning to their classrooms this month with one less protection from the state. Since 2001, Florida has provided all public school educators with professional liability insurance. The legislature decided to discontinue the insurance program because of its high cost. This is the first year teachers will not have [...]
Seen in the Palm Beach Post: The State Farm Florida Insurance Co. announced Thursday it will non-renew 50,000 coastal customers as part of a plan to reduce its overall hurricane exposure in the state. Officials with Florida’s second largest insurer said they also will cancel the wind coverage of other additional coastal Florida homeowners insurance customers but [...]
My goodness, Monday would have been a wonderful day to be a nattering nabob, if only I hadn’t been distracted with issues arising from real work. Seen in the Miami Herald: Who told us that we were going to see 20 percent rate reductions? It was the OIR [Office of Insurance Regulation], which hired Robert Hunter [insurance [...] |
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