Insurance Journal » Michael Adams http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 24 May 2013 22:09:03 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 Florida Municipal Insurance Trust Issues $20 Million Cat Bond http://www.insurancejournal.com/news/southeast/2013/05/23/293074.htm Thu, 23 May 2013 14:59:27 +0000 Michael Adams http://www.insurancejournal.com/?p=293074 A Florida insurance trust that provides property insurance and other products to cities around the state has issued a $20 million private placement catastrophe bond to help pay claims due to hurricanes. Towers Watson Capital Markets, a wholly-owned subsidiary of …

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]]> Tennessee Approves Workers’ Compensation Changes http://www.insurancejournal.com/magazines/features/2013/05/20/292104.htm Mon, 20 May 2013 00:00:00 +0000 Michael Adams http://www.insurancejournal.com/?p=292104 Tennessee’s workers’ compensation system is going to undergo its most significant changes in decades including the creation of a new administrative court system to handle workers’ compensation claims. Governor Bill Haslam held a ceremonial bill signing at the Clarksville Foundry, …

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]]> Florida Lawmakers Approve Medical Malpractice Reform http://www.insurancejournal.com/magazines/features/2013/05/20/292103.htm Mon, 20 May 2013 00:00:00 +0000 Michael Adams http://www.insurancejournal.com/?p=292103 In a victory for medical malpractice insurers and physicians, Florida lawmakers have approved a series of tort reforms that among other things will require expert witnesses testifying against physicians in a malpractice suit to be engaged in the same specialty. …

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]]> Tennessee Governor Signs Workers’ Compensation Bill http://www.insurancejournal.com/news/southeast/2013/05/09/291459.htm Thu, 09 May 2013 16:59:37 +0000 Michael Adams http://www.insurancejournal.com/?p=291459 Tennessee’s workers’ compensation system is going to undergo its most significant changes in decades including the creation of a new administrative court system to handle workers’ compensation claims. Governor Bill Haslam held a ceremonial bill signing on Tuesday at the …

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]]> Florida Lawmakers OK Clearinghouse for Citizens Business; Agents Face Changes http://www.insurancejournal.com/news/southeast/2013/05/06/290969.htm Mon, 06 May 2013 15:23:38 +0000 Michael Adams http://www.insurancejournal.com/?p=290969 Florida lawmakers approved legislation that seeks to slow the growth of the state-backed property insurer by diverting new policies into the private market while largely retaining the status quo for the insurer’s current 1.27 million policyholders. By an overwhelming margin …

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]]> Florida PIP Law Injunction Remains in Effect http://www.insurancejournal.com/magazines/features/2013/05/06/290438.htm Mon, 06 May 2013 00:00:00 +0000 Michael Adams http://www.insurancejournal.com/?p=290438 A Florida judge has upheld his temporary injunction partially blocking portions of the state’s automobile no-fault insurance personal injury protection (PIP) law on the basis it infringes on drivers’ access to the courts. Regulators are appealing to a higher court. …

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]]> Florida Lawmakers Approve Medical Malpractice Reform http://www.insurancejournal.com/news/southeast/2013/05/03/290898.htm Fri, 03 May 2013 17:06:24 +0000 Michael Adams http://www.insurancejournal.com/?p=290898 In a victory for medical malpractice insurers and physicians, Florida lawmakers have approved a series of tort reforms that among other things will require expert witnesses testifying against physicians in a malpractice suit to be engaged in the same specialty. …

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]]> Florida Approves Cap on Physician-Dispensed Drugs for Workers’ Compensation http://www.insurancejournal.com/news/southeast/2013/05/02/290595.htm Thu, 02 May 2013 14:16:21 +0000 Michael Adams http://www.insurancejournal.com/?p=290595 After years of struggling to rein in the cost of physician-dispensed drugs, Florida workers’ compensation insurers finally reached a compromise with physicians and drug companies that is projected to reduce costs by some $20 million. Florida lawmakers today approved the …

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]]> Florida Insurers Save Tax Credit … For Now http://www.insurancejournal.com/news/southeast/2013/04/30/290199.htm Tue, 30 Apr 2013 13:56:07 +0000 Michael Adams http://www.insurancejournal.com/?p=290199 Florida insurers are showing some signs of relief after they convinced House lawmakers to stop a Senate bill that would have eliminated a 15 percent insurance premium tax credit. The Senate bill would have used the funds to reduce automobile …

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]]> Florida Senate Approves Citizens Reform Bill; Path Ahead Remains Uncertain http://www.insurancejournal.com/news/southeast/2013/04/26/289915.htm Fri, 26 Apr 2013 16:49:58 +0000 Michael Adams http://www.insurancejournal.com/?p=289915 Florida lawmakers have taken the first step towards reforming the state-backed property insurer, but not before significantly scaling back its impact on policyholders while the chances for final legislative approval remain uncertain. Senate lawmakers have been working for months on …

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]]> Allianz Vows to Fight Florida Regulators’ Charges in Magnolia Case http://www.insurancejournal.com/news/southeast/2013/04/25/289702.htm Thu, 25 Apr 2013 14:59:46 +0000 Michael Adams http://www.insurancejournal.com/?p=289702 Allianz Risk Transfer (ART NY) has vowed to strongly repudiate charges levied by Florida regulators that it contributed to the collapse of a domestic property insurer by seizing management control and saddling it with millions in fees. The Florida Department …

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]]> Florida Judge Upholds Injunction Against Portions of State’s PIP Law http://www.insurancejournal.com/news/southeast/2013/04/24/289570.htm Wed, 24 Apr 2013 14:29:33 +0000 Michael Adams http://www.insurancejournal.com/?p=289570 A Florida judge has upheld his temporary injunction partially blocking portions of the state’s automobile no-fault insurance law on the basis it infringes on drivers’ access to the courts. As a result, regulators are appealing to a higher court. Second …

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]]> Florida Alleges Fraud by Allianz in Case of Failed Insurer http://www.insurancejournal.com/magazines/features/2013/04/22/288663.htm Mon, 22 Apr 2013 00:00:00 +0000 Michael Adams http://www.insurancejournal.com/?p=288663 Florida regulators are alleging that insurer Allianz and its companies contributed to the collapse of a Florida domestic property insurer by taking out more than $20 million in assets and rendering it unable to meet its financial obligations. The Florida …

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]]> Florida’s Latest PIP Conundrum: Medical Fees http://www.insurancejournal.com/magazines/features/2013/04/22/288662.htm Mon, 22 Apr 2013 00:00:00 +0000 Michael Adams http://www.insurancejournal.com/?p=288662 Florida’s high court is poised to decide how much money insurers owe some medical providers in cases where an auto policy does not specifically state that the fees will be based on a fee schedule approved by state lawmakers in …

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]]> Florida Hurricane Cat Fund Reform in Jeopardy http://www.insurancejournal.com/news/southeast/2013/04/19/289163.htm Fri, 19 Apr 2013 13:45:09 +0000 Michael Adams http://www.insurancejournal.com/?p=289163 Plans to reform Florida’s state-backed reinsurance facility with proponents scaling back their proposals. The Florida Hurricane Catastrophe Fund has been the subject of legislative reform efforts for several years as its financial advisors have consistently warned the fund could not …

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]]> Florida Cat Fund Looks to Issue $2 Billion in Pre-Event Bonds http://www.insurancejournal.com/news/southeast/2013/04/17/288636.htm Wed, 17 Apr 2013 13:39:12 +0000 Michael Adams http://www.insurancejournal.com/?p=288636 Florida’s state-run property reinsurance facility is preparing to issue $2 billion in revenue bonds to ensure it has enough money on hand to quickly pay insurers’ claims in the event of a major hurricane. The Florida Hurricane Catastrophe Fund has …

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]]> Florida Workers’ Compensation Ruling Could Cost $65 Million, Says NCCI http://www.insurancejournal.com/news/southeast/2013/04/11/288119.htm Thu, 11 Apr 2013 18:00:30 +0000 Michael Adams http://www.insurancejournal.com/?p=288119 A Florida court’s ruling that the state’s 104-week limit on injured workers’ temporary benefits is unconstitutional could increase costs by $65 million, says the workers’ compensation industry’s rating organization. The National Council on Compensation Insurance released its analysis of a …

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]]> Florida Justices Face Another PIP Conundrum: Medical Fees http://www.insurancejournal.com/news/southeast/2013/04/08/287517.htm Mon, 08 Apr 2013 18:00:55 +0000 Michael Adams http://www.insurancejournal.com/?p=287517 Florida’s high court is poised to decide how much money insurers owe some medical providers in cases where an auto policy does not specifically state that the fees will be based on a fee schedule approved by state lawmakers in …

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]]> Florida May Scrap No-Fault Auto Insurance Law http://www.insurancejournal.com/news/southeast/2013/04/05/287256.htm Fri, 05 Apr 2013 14:44:24 +0000 Michael Adams http://www.insurancejournal.com/?p=287256 Frustrated by a recent court decision temporarily blocking part of Florida’s no-fault auto insurance law reformed last year, state lawmakers are considering scrapping the entire law. Current proposals would reinstate to a tort system and mandate that all drivers purchase …

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]]> Florida May End Insurers’ Tax Credit http://www.insurancejournal.com/news/southeast/2013/04/01/286599.htm Mon, 01 Apr 2013 13:54:45 +0000 Michael Adams http://www.insurancejournal.com/?p=286599 Florida lawmakers are moving forward with a proposal to eliminate a 15 percent premium tax credit for insurance companies in order to reduce automobile license fees despite strong objections from insurance industry. The Florida Senate Appropriations Committee by a unanimous …

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]]> Florida Regulators Allege Fraud by Allianz in Case of Failed Insurer http://www.insurancejournal.com/news/southeast/2013/03/27/286250.htm Wed, 27 Mar 2013 15:42:26 +0000 Michael Adams http://www.insurancejournal.com/?p=286250 Florida regulators are alleging that insurer Allianz and its companies contributed to the collapse of a Florida domestic property insurer by taking out more than $20 million in assets and rendering it unable to meet its financial obligations. The Florida …

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]]> Florida’s Citizens Reduces Risk of Emergency Assessments http://www.insurancejournal.com/news/southeast/2013/03/27/286241.htm Wed, 27 Mar 2013 15:04:11 +0000 Michael Adams http://www.insurancejournal.com/?p=286241 Florida’s state-backed property insurer announced that it has reduced the size of any possible emergency assessments on policyholders due to its depopulation efforts and by transferring part of its risk to private capital markets. Citizens Property Insurance Corp. said that …

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]]> Florida Insurers, Employers Scrambling After Court Ruling on Workers’ Compensation Benefit http://www.insurancejournal.com/magazines/features/2013/03/25/285513.htm Mon, 25 Mar 2013 00:00:00 +0000 Michael Adams http://www.insurancejournal.com/?p=285513 A Florida district court judge’s ruling that declared unconstitutional a 104-week limitation on injured workers’ temporary benefits left insurers and employers scrambling to come up with a legislative solution. The Florida First District Court of Appeals handed down the decision …

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]]> Tennessee Aims to Change How Workers’ Compensation Disputes Are Settled http://www.insurancejournal.com/news/southeast/2013/03/20/285112.htm Wed, 20 Mar 2013 09:00:29 +0000 Michael Adams http://www.insurancejournal.com/?p=285112 Tennessee lawmakers have advanced a workers’ compensation reform bill that could change how injured workers’ claims disputes are handled. Governor Bill Haslam has been looking to reform the state’s workers compensation system for two years as part of his plan …

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]]> Is This Right Time to Restructure Florida CAT Fund? http://www.insurancejournal.com/news/southeast/2013/03/19/285109.htm Tue, 19 Mar 2013 12:50:57 +0000 Michael Adams http://www.insurancejournal.com/?p=285109 A move to restructure Florida’s state-run property reinsurance facility by lowering its financial obligation to insurers is facing an uphill legislative battle as both lawmakers and members of the industry find themselves in conflict over the plan. Florida Hurricane Catastrophe …

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]]> Florida Senate Bill Would Depopulate Citizens, Raise Rates, Create Clearinghouse http://www.insurancejournal.com/news/southeast/2013/03/13/284528.htm Wed, 13 Mar 2013 12:54:21 +0000 Michael Adams http://www.insurancejournal.com/?p=284528 Lawmakers in the Florida Senate have taken steps to return the state-backed insurer Citizens Property Insurance Corp. to its original purpose of being a market of last resort by requiring it to charge actuarially sound rates and restrict the number …

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]]> Insurers Split Over Proposed Changes to Florida Guaranty Fund http://www.insurancejournal.com/magazines/features/2013/03/11/283681.htm Mon, 11 Mar 2013 00:00:00 +0000 Michael Adams http://www.insurancejournal.com/?p=283681 Florida lawmakers are weighing a bill that would alter the funding mechanism for the state fund that pays the claims of insolvent property insurers, a change that does not have the uniform support of the insurance industry. The Florida Insurance …

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]]> Florida Judge: 104-Week Limit on Temporary Disability Benefits Unconstitutional http://www.insurancejournal.com/news/southeast/2013/03/07/283940.htm Thu, 07 Mar 2013 16:51:22 +0000 Michael Adams http://www.insurancejournal.com/?p=283940 A Florida district court judge’s ruling that declared unconstitutional a 104-week limitation on injured workers’ temporary benefits has left insurers and employers scrambling to come up with a legislative solution as the state’s 60-day legislative session began this week. The …

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]]> Insurers Split Over Proposed Changes to Florida Guaranty Fund http://www.insurancejournal.com/news/southeast/2013/02/28/283079.htm Thu, 28 Feb 2013 15:44:32 +0000 Michael Adams http://www.insurancejournal.com/?p=283079 Florida lawmakers have kept alive a bill that would alter the method of funding the state fund that pays the claims of insolvent property insurers even though the change could increase costs and does not have the uniform support of …

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]]> Insurer to Take 31,000 Commercial Wind Policies from Florida’s Citizens http://www.insurancejournal.com/news/southeast/2013/02/14/281261.htm Thu, 14 Feb 2013 17:54:20 +0000 Michael Adams http://www.insurancejournal.com/?p=281261 Florida’s state-backed property insurer has approved a plan to shift 31,000 commercial wind-only policies to a new private insurer. The board of Citizens Property Insurance Corp. approved the plan earlier this week. Newly-licensed Weston Insurance Co. will be permitted to …

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