Insurance Journal » Michael Adams http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 21 Apr 2014 15:51:31 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 Mississippi Withdrawing Lawsuit Over Flood Insurance Rates http://www.insurancejournal.com/news/southeast/2014/04/17/326698.htm Thu, 17 Apr 2014 13:57:12 +0000 http://www.insurancejournal.com/?p=326698 Mississippi’s insurance regulator is withdrawing his lawsuit against the federal government after Congress voted to delay changes to the federal flood insurance program. Mississippi Insurance Commissioner Mike Chaney said he is withdrawing the suit aimed at stopping flood insurance premium …

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South Carolina Looks to Increase Home Mitigation Funding http://www.insurancejournal.com/news/southeast/2014/04/17/326238.htm Thu, 17 Apr 2014 12:00:28 +0000 http://www.insurancejournal.com/?p=326238 South Carolina lawmakers are moving forward with a plan to increase grants to homeowners who strengthen their homes against storm damage. The South Carolina Senate Finance Committee approved the “Competitive Insurance Act,” which will provide $1.6 million additional funding for …

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Carriers Being Selective with Florida’s Citizens Clearinghouse Agency Appointments http://www.insurancejournal.com/news/southeast/2014/04/09/325829.htm Wed, 09 Apr 2014 04:24:05 +0000 http://www.insurancejournal.com/?p=325829 Florida’s state-backed Citizens Property Insurance Corp. says the initial opening of its new web-based clearinghouse designed to make it easier for private insurers to write its policies has been promising, although the number of policies removed by insurers has been …

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Anticipating Hurricane Season, Florida Insurer Cancels Policyholders http://www.insurancejournal.com/news/southeast/2014/04/07/325717.htm Mon, 07 Apr 2014 19:41:57 +0000 http://www.insurancejournal.com/?p=325717 A Florida insurer has decided to lessen its exposure in south Florida, cancelling thousands of policyholders in anticipation of the June 1 opening of hurricane season. People’s Trust Insurance Co. reported that it is cancelling about five percent of its …

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Florida Sees Drop in Auto No-Fault Questionable Claims http://www.insurancejournal.com/magazines/features/2014/04/07/325039.htm Mon, 07 Apr 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=325039 A national study found that Florida has seen its first decrease in questionable automobile claims since state lawmakers rewrote the no-fault law in 2012. The National Crime Insurance Bureau conducted the report that looked at claims from 2010 to 2013. …

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Georgia Regulators Order Liquidation of Georgia Mutual http://www.insurancejournal.com/news/southeast/2014/03/24/324162.htm Mon, 24 Mar 2014 14:32:46 +0000 http://www.insurancejournal.com/?p=324162 A Georgia superior court judge has given regulators approval to liquidate a former automobile insurer. Cynthia Write, judge of the superior court of Fulton County, signed-off on an order in February that will allow regulators to liquidate Georgia Mutual Insurance, …

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Mississippi Enacts First Statewide Building Code Law http://www.insurancejournal.com/news/southeast/2014/03/19/323688.htm Wed, 19 Mar 2014 14:52:58 +0000 http://www.insurancejournal.com/?p=323688 Mississippi has enacted its first statewide building code that is designed to set construction guidelines to strengthen homes and other buildings from hurricane and other weather-related damage. Governor Phil Bryant signed the legislation that advocates have been calling for since …

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Florida’s Citizens Reaches Sinkhole Settlement http://www.insurancejournal.com/news/southeast/2014/03/14/323354.htm Fri, 14 Mar 2014 16:35:12 +0000 http://www.insurancejournal.com/?p=323354 Florida’s state-backed property insurer said it has reached an agreement with more than 300 policyholders with sinkhole claims that officials say could save the insurer $30 million in legal fees. Citizens Property Insurance Corp. officials said the tentative agreement is …

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Tennessee: Use of Transportation Networks Could Lead to Auto Coverage Gaps http://www.insurancejournal.com/news/southeast/2014/03/12/323094.htm Wed, 12 Mar 2014 16:59:10 +0000 http://www.insurancejournal.com/?p=323094 Tennessee regulators are warning automobile policyholders that participating in transportation network companies could lead to gaps in their coverage and leave them exposed to monetary damages from an accident. Transportation network companies have become increasingly popular across the country, especially …

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Florida Lawmakers Turn Attention to Privatizing Commercial Business in Citizens http://www.insurancejournal.com/news/southeast/2014/03/07/322684.htm Fri, 07 Mar 2014 17:12:30 +0000 http://www.insurancejournal.com/?p=322684 One year after enacting reforms designed to reduce the amount of homeowners business in the state’s insurer, state lawmakers are now looking to further shrink Citizens Property Insurance Corp. by targeting its commercial lines business. Citizens Property Insurance currently one …

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State Farm Wants to Increase Homeowners Business in Florida… a Bit http://www.insurancejournal.com/news/southeast/2014/03/06/322378.htm Thu, 06 Mar 2014 14:26:48 +0000 http://www.insurancejournal.com/?p=322378 One of Florida’s largest homeowner insurers has announced it will once again begin writing new business in the state, just several years after canceling a substantial portion of its book of business. State Farm Florida announced it has plans to …

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Mercury Insurance Cuts Florida Auto Rates 10% http://www.insurancejournal.com/news/southeast/2014/02/25/321454.htm Tue, 25 Feb 2014 16:08:52 +0000 http://www.insurancejournal.com/?p=321454 Some Florida drivers could see their premiums reduced after one automobile insurer announced it would cut rates by an average of 10 percent. Mercury Insurance Co. officials said the new rates would take effect immediately on all new policies and …

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Report Finds Florida PIP Reforms Helping to Lower Rates http://www.insurancejournal.com/news/southeast/2014/01/24/318288.htm Fri, 24 Jan 2014 13:20:28 +0000 http://www.insurancejournal.com/?p=318288 Florida drivers are starting to see the benefits of a 2012 re-write of the state’s no-fault automobile insurance law as insurers have reduced their personal injury protection (PIP) rates by a statewide average 13.2 percent. Since PIP rates only account …

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Reinsurance Costs Helping to Lower Florida Homeowners Rates: OIR Report http://www.insurancejournal.com/news/southeast/2014/01/21/317685.htm Tue, 21 Jan 2014 13:00:58 +0000 http://www.insurancejournal.com/?p=317685 Florida’s top insurance regulator says that state residents are starting to benefit from a more competitive homeowners market as rates have started to trend downward due in part to the reduction in reinsurance costs. Florida Insurance Commissioner Kevin McCarty released …

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Florida Bill Would Restrict Insurers in Underwriting Gun Owners http://www.insurancejournal.com/news/southeast/2014/01/17/317556.htm Fri, 17 Jan 2014 16:49:20 +0000 http://www.insurancejournal.com/?p=317556 Florida lawmakers say they want to protect policyholders’ second amendment rights to bear firearms by preventing insurers from issuing, renewing or canceling a policy based on whether the policyholder possesses a gun. The state’s Senate Banking and Insurance Committee earlier …

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Florida Panel Takes First Step To Creating Private Flood Market http://www.insurancejournal.com/news/southeast/2014/01/13/316916.htm Mon, 13 Jan 2014 17:21:01 +0000 http://www.insurancejournal.com/?p=316916 With thousands of Florida residents facing dramatic increases in their flood insurance premiums, state lawmakers are preparing the groundwork for a private market option to premiums charged by the federal flood insurance program. The Senate Banking and Insurance Committee approved …

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Florida Joins States Allowing Electronic Proof of Auto Insurance http://www.insurancejournal.com/news/southeast/2014/01/03/316009.htm Fri, 03 Jan 2014 14:49:59 +0000 http://www.insurancejournal.com/?p=316009 Florida is joining the ranks of 29 other states and allow drivers to show law enforcement officers their proof of automobile insurance through their cell phone and other electronic means. In December, Gov. Rick Scott and the Florida Cabinet signed-off …

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Florida Flood Policy to be Offered in Six Additional States http://www.insurancejournal.com/news/southeast/2013/12/30/315695.htm Mon, 30 Dec 2013 17:12:55 +0000 http://www.insurancejournal.com/?p=315695 A Florida insurance agency that stepped forward last month to offer a private market stand-alone flood coverage policy in Florida has started marketing the policy in six other states. The Gainesville, Fla.-based Flood Insurance Agency began offering the private policy …

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Florida Lawmakers Unveil Plan to Encourage Private Market for Flood Insurance http://www.insurancejournal.com/news/southeast/2013/12/19/315008.htm Thu, 19 Dec 2013 17:05:17 +0000 http://www.insurancejournal.com/?p=315008 With the chances of a federal solution to rising flood insurance rates waning by the day, Florida lawmakers are pressing forward with a bill to create a private market solution to the problem. Florida State Senator Jeff Brandes of St. …

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Florida Agents Near Deadline to Accept Citizens’ Appointment http://www.insurancejournal.com/news/southeast/2013/12/11/314092.htm Wed, 11 Dec 2013 18:58:40 +0000 http://www.insurancejournal.com/?p=314092 Florida insurance agencies and agents have just a few days left to decide whether or not to agree to the state-backed property insurer’s new appointment guidelines. Citizens Property Insurance Corp. revamped its agent appointment process in September in preparation for …

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Florida’s Citizens Delays Launch of Clearinghouse http://www.insurancejournal.com/news/southeast/2013/12/11/314048.htm Wed, 11 Dec 2013 17:00:38 +0000 http://www.insurancejournal.com/?p=314048 Florida’s state-backed property insurer officials announced they are delaying the launch of a new web-based clearinghouse in order to ensure it is working efficiently and to allow more private insurers to participate. Citizens Property Insurance President Barry Gilway told state …

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Florida Congressman Proposes Disaster Savings Accounts http://www.insurancejournal.com/news/southeast/2013/12/03/312677.htm Tue, 03 Dec 2013 11:00:21 +0000 http://www.insurancejournal.com/?p=312677 A Florida congressman is calling for the creation of a new federal tax-free savings account that will allow homeowners to set aside up to $5,000 to help strengthen their homes against hurricanes and other natural disasters. Rep. Dennis Ross, a …

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Florida Attracts Interest from Private Flood Insurance Providers http://www.insurancejournal.com/magazines/features/2013/12/02/312358.htm Mon, 02 Dec 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=312358 With increases in federal flood insurance rates looming, two insurance providers have said they are prepared to sell private flood policies in Florida. Their actions come as state officials are trying to provide guidelines on rates and forms for private …

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Some Interest in Selling Private Flood Insurance in Florida Surfaces http://www.insurancejournal.com/news/southeast/2013/11/19/311648.htm Tue, 19 Nov 2013 11:00:54 +0000 http://www.insurancejournal.com/?p=311648 With increases in federal flood insurance rates looming, two insurance providers have said they are prepared to sell private flood policies in Florida. Their actions come as state officials are trying to provide guidelines on rates and policyholder forms for …

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Florida Rethinking PIP Law After Court Ruling http://www.insurancejournal.com/magazines/features/2013/11/18/311024.htm Mon, 18 Nov 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=311024 Florida lawmakers are taking another look at the future of the state’s no-fault automobile insurance law in light of a circuit court ruling that left open the door to legal challenges. The state’s First District Court of Appeals recently lifted …

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Florida Lawmakers Re-examine PIP Law in Light of Court Ruling http://www.insurancejournal.com/news/southeast/2013/11/06/310548.htm Wed, 06 Nov 2013 20:11:36 +0000 http://www.insurancejournal.com/?p=310548 Florida lawmakers are taking another hard look at the future of the state’s no-fault automobile insurance law in light of a circuit court ruling that left opened the door to legal challenges over the constitutionality of the law. The state’s …

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Florida Court Restores PIP Reforms But Challenges Expected to Continue http://www.insurancejournal.com/magazines/features/2013/11/04/309611.htm Mon, 04 Nov 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=309611 Florida’s no-fault automobile insurance law is fully in force for now after a district court lifted an injunction that blocked part of law on a legal technicality. But the ruling leaves open the possibility of further challenges in the future. …

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Florida Court Lifts Ban on PIP Law But Challenge Continues http://www.insurancejournal.com/news/southeast/2013/10/25/309242.htm Fri, 25 Oct 2013 15:00:17 +0000 http://www.insurancejournal.com/?p=309242 Florida’s no-fault automobile insurance law is fully in force for now after a district court lifted an injunction that blocked part of law on a legal technicality leaving open the possibility for further challenges in the future. The Florida First …

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Florida Court Reverses Itself: 104-Week Limit on Temporary Benefits Constitutional http://www.insurancejournal.com/news/southeast/2013/10/23/309004.htm Wed, 23 Oct 2013 16:15:27 +0000 http://www.insurancejournal.com/?p=309004 A Florida district court has overturned an earlier ruling that found a 104-week limit on an injured worker’s temporary benefits unconstitutional. The court ruled instead that the limit represents a legal deadline to determine an injured worker’s eligibility for permanent …

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Is Private Market an Option for Florida Flood Insurance? http://www.insurancejournal.com/magazines/features/2013/10/21/308196.htm Mon, 21 Oct 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=308196 With thousands of Florida homeowners facing significant increases in their federal flood insurance premiums, state lawmakers are considering ways to open up the market to private insurers. Industry experts, however, say there are considerable barriers to creating a private market. …

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