Insurance Journal » Michael Adams http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 06 Jul 2015 19:44:29 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 Florida Ends Citizens Assessment Two Years Ahead of Schedule http://www.insurancejournal.com/news/southeast/2015/03/10/359979.htm Tue, 10 Mar 2015 16:29:17 +0000 http://www.insurancejournal.com/?p=359979 Florida’s insurance regulators are two years ahead of schedule in ending an assessment used to retire a bond issued by the state-backed property insurer Citizens following the eight-storm 2004-2005 hurricane season. The move codifies a decision made by Citizens Property …

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Florida Court: GEICO on Hook for $100,000 in Additional Attorney Fees http://www.insurancejournal.com/news/southeast/2015/02/26/358728.htm Thu, 26 Feb 2015 17:04:46 +0000 http://www.insurancejournal.com/?p=358728 A Florida court has ruled that one of the state’s largest automobile insurers must pay over $100,000 in attorney fees under the “additional payments” provision of its liability coverage. The Florida Fifth District Court of Appeal handed down its ruling …

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Florida’s McCarty May Have Survived Scott’s Ouster Bid http://www.insurancejournal.com/magazines/features/2015/02/23/357804.htm Mon, 23 Feb 2015 00:00:00 +0000 http://www.insurancejournal.com/?p=357804 Florida’s insurance commissioner appears to have survived in his appointed post for now as a move by the state’s newly re-elected governor to oust him has failed to win support of the other state officials needed to make the change. …

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Florida Commissioner McCarty May Have Survived Scott’s Ouster Bid http://www.insurancejournal.com/news/southeast/2015/02/05/356718.htm Thu, 05 Feb 2015 17:55:19 +0000 http://www.insurancejournal.com/?p=356718 Florida’s insurance commissioner appears to have survived in his appointed post for now as a move by the state’s newly re-elected governor to oust him has failed to win support of the other state officials needed to make the change. …

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Florida Governor Eyes Louisiana Official to Replace Insurance Chief McCarty http://www.insurancejournal.com/news/southeast/2015/01/27/355570.htm Tue, 27 Jan 2015 18:42:23 +0000 http://www.insurancejournal.com/?p=355570 Florida Governor Rick Scott is looking for a replacement for the state’s top insurance regulator and has already contacted a potential candidate from Louisiana. Scott’s office has confirmed that the governor contacted Ron Henderson, Louisiana deputy insurance commissioner for consumer …

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Uber Auto Policy Meets State Requirements, Says Florida Regulator http://www.insurancejournal.com/news/southeast/2015/01/26/355344.htm Mon, 26 Jan 2015 14:31:27 +0000 http://www.insurancejournal.com/?p=355344 Florida’s insurance regulators have determined that a ridesharing company’s automobile commercial liability policy meets state regulations, but legislative action is likely necessary to clarify whether that entitles the company to legally operate in the state. Ridesharing firm Uber has been …

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Florida PIP Report Shows Reduction in Rates and Fraud http://www.insurancejournal.com/magazines/features/2015/01/26/354695.htm Mon, 26 Jan 2015 00:00:00 +0000 http://www.insurancejournal.com/?p=354695 Florida’s attempt to lower the cost of personal injury protection (PIP) automobile coverage is progressing as insurers’ rates have declined due in part to lower losses and fewer fraudulent claims. The Florida Office of Insurance Regulation released an annual report …

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Florida Supreme Court Upholds Workers’ Comp ‘Exclusive Remedy’ http://www.insurancejournal.com/magazines/features/2015/01/26/354689.htm Mon, 26 Jan 2015 00:00:00 +0000 http://www.insurancejournal.com/?p=354689 Florida’s insurers are breathing easier after the state’s high court ruled that the state’s workers’ compensation law bars injured workers from seeking additional benefits in civil court. The Florida Supreme Court recently handed down a ruling in a case (Morales …

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Florida Insurance Commissioner McCarty’s Reappointment in Doubt http://www.insurancejournal.com/news/southeast/2015/01/20/354497.htm Tue, 20 Jan 2015 18:16:41 +0000 http://www.insurancejournal.com/?p=354497 Florida’s insurance regulator’s tenure could be coming to an end after more than a decade as the newly re-elected governor looks to shake up his administration by replacing the heads of state agencies. Rumors have been circulating that Insurance Commissioner …

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Florida Court Upholds Workers’ Compensation ‘Exclusive Remedy’ http://www.insurancejournal.com/news/southeast/2015/01/16/354255.htm Fri, 16 Jan 2015 15:26:59 +0000 http://www.insurancejournal.com/?p=354255 Florida’s insurers are breathing easier after the state’s high court ruled that the workers’ compensation law bars injured workers from seeking additional benefits in civil court. The Florida Supreme Court recently handed down a ruling in a case (Morales v. …

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North Carolina Home Insurers Weigh Appeal of Rate Denial http://www.insurancejournal.com/magazines/features/2015/01/12/353224.htm Mon, 12 Jan 2015 00:00:00 +0000 http://www.insurancejournal.com/?p=353224 North Carolina property insurers are on hold while the industry-backed rating agency contemplates whether to appeal a decision by regulators denying a proposed 25.3 percent rate increase. The North Carolina Rate Bureau made the rate filing on behalf of the …

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Florida’s Citizens Dealing with ‘Takeout Fatigue’ http://www.insurancejournal.com/magazines/features/2015/01/12/353223.htm Mon, 12 Jan 2015 00:00:00 +0000 http://www.insurancejournal.com/?p=353223 Faced with a rising number of consumer complaints, Florida’s state-backed property insurer has announced a series of changes to its takeout program. The news comes as the insurer said it is highly unlikely to need policyholder assessments in 2015. Citizens …

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Florida PIP Report Shows Reduction in Rates and Fraud http://www.insurancejournal.com/news/southeast/2015/01/09/353615.htm Fri, 09 Jan 2015 16:50:40 +0000 http://www.insurancejournal.com/?p=353615 Florida’s attempt to lower the cost of personal injury protection (PIP) automobile coverage is making progress as insurers’ rates have declined due in part to lower losses and fewer fraudulent claims. The Florida Office of Insurance Regulation released an annual …

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FEMA Found to Have Overpaid Florida Residents by $177M http://www.insurancejournal.com/news/southeast/2015/01/07/351833.htm Wed, 07 Jan 2015 13:42:54 +0000 http://www.insurancejournal.com/?p=351833 The federal agency that provides grants to states following a major catastrophe is under fire for providing Florida residents an estimated $177 million in funds that should have been covered by private insurers. A recent report by the Department of …

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North Carolina Home Insurers Weigh Appeal of Rate Denial http://www.insurancejournal.com/news/southeast/2015/01/07/351765.htm Wed, 07 Jan 2015 06:00:18 +0000 http://www.insurancejournal.com/?p=351765 North Carolina property insurers are on hold while the industry rating agency contemplates whether to appeal a decision by regulators denying a proposed 25.3 percent rate increase. The North Carolina Rate Bureau made the rate filing on behalf of the …

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Florida’s Citizens Drops Coverage Limits on High-Value Properties http://www.insurancejournal.com/news/southeast/2015/01/06/351763.htm Tue, 06 Jan 2015 06:00:06 +0000 http://www.insurancejournal.com/?p=351763 Florida’s state-backed property insurer is lowering the amount of coverage it provides for high-value properties from $1 million to $900,000, per a 2013 law change. Citizens Property Insurance Corp. is implementing the change that will apply to all almost all …

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Florida’s Universal Insurance Raises $19M in Stock Deal http://www.insurancejournal.com/news/southeast/2014/12/15/350080.htm Mon, 15 Dec 2014 14:50:35 +0000 http://www.insurancejournal.com/?p=350080 Florida’s largest private insurer has raised $19 million through a privately negotiated stock deal with an investment firm that specializes in natural catastrophe reinsurance and weather risk. Universal Holdings Inc announced the deal that called for the sale of one …

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Florida Supreme Court Weighs Workers’ Comp Attorney Fee Schedule http://www.insurancejournal.com/magazines/features/2014/12/15/349419.htm Mon, 15 Dec 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=349419 The Florida Supreme Court is considering whether to declare the state’s workers’ compensation attorney fee schedule unconstitutional. The court recently heard arguments in a case (Castellanos v. Next Door Company, SC13-2082) addressing the attorney fee schedule passed in 2003 as …

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Citizens’ Takeout Program Undergoing Changes; Says Assessments Unlikely http://www.insurancejournal.com/news/southeast/2014/12/11/349765.htm Thu, 11 Dec 2014 16:33:24 +0000 http://www.insurancejournal.com/?p=349765 Faced with a rising number of consumer complaints, Florida’s state-backed property insurer has announced a series of changes to its takeout program. The news comes as the insurer said it is highly unlikely to need policyholder assessments next year. Citizens …

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Florida Supreme Court Weighs Workers’ Comp Attorney Fee Schedule http://www.insurancejournal.com/news/southeast/2014/12/01/348611.htm Tue, 02 Dec 2014 00:28:54 +0000 http://www.insurancejournal.com/?p=348611 The Florida Supreme Court is considering whether to declare the state’s workers’ compensation attorney fee schedule unconstitutional. The court recently heard oral arguments in a case (Castellanos v. Next Door Company, SC13-2082) addressing the attorney fee schedule passed in 2003 …

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South Carolina Approves CAT Models, Weighs Building Public Model http://www.insurancejournal.com/news/southeast/2014/11/04/345675.htm Tue, 04 Nov 2014 13:00:15 +0000 http://www.insurancejournal.com/?p=345675 South Carolina regulators have approved seven private catastrophe models for use in ratemaking while conducting a legislatively mandated study on the feasibility of constructing a public model. South Carolina Insurance Commissioner Ray Farmer recently signed-off on the first state-approved models …

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South Carolina Approves CAT Models, Weighs Building Public Model http://www.insurancejournal.com/magazines/features/2014/11/03/345149.htm Mon, 03 Nov 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=345149 South Carolina regulators have approved seven private catastrophe models for use in ratemaking while conducting a legislatively mandated study on the feasibility of constructing a public model. South Carolina Insurance Commissioner Ray Farmer recently signed-off on the first state-approved models …

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South Carolina Liquidating Commercial Auto Insurer First Keystone http://www.insurancejournal.com/news/southeast/2014/10/29/345279.htm Wed, 29 Oct 2014 16:36:04 +0000 http://www.insurancejournal.com/?p=345279 The South Carolina Department of Insurance last week declared an insurer that specialized in providing commercial auto insurance to be insolvent and the insurer is now being liquidated. The First Keystone Risk Retention Group Inc. wrote taxis and other commercial …

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Florida Gov. Scott Seeks Insurance Agents’ Help to Get Out Vote http://www.insurancejournal.com/news/southeast/2014/10/23/344552.htm Thu, 23 Oct 2014 14:38:58 +0000 http://www.insurancejournal.com/?p=344552 Florida Governor Rick Scott is urging insurance agents to do their part to get out the vote as the state’s gubernatorial campaign enters its final weeks. Former Republican Governor Charlie Crist is running as a Democrat against Republican Scott in …

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‘Fangate’ Stirs Florida Insurance Industry Fears Over Gubernatorial Election http://www.insurancejournal.com/news/southeast/2014/10/21/344226.htm Tue, 21 Oct 2014 14:07:19 +0000 http://www.insurancejournal.com/?p=344226 If Florida’s insurance industry was looking for any certainty about the results of the looming governor’s race between Governor Rick Scott and former Governor Charlie Crist, they didn’t find it after last week’s gubernatorial debate, which almost did not happen …

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Florida Regulators Consider NCCI Request for 3.3% Rate Decrease http://www.insurancejournal.com/news/southeast/2014/10/15/343732.htm Wed, 15 Oct 2014 17:40:07 +0000 http://www.insurancejournal.com/?p=343732 Florida’s workers’ compensation insurers rating agency says its request for a 3.3 decrease in rates reflects a stable market, although it cautioned that pending court cases could severely impact the state’s system. The National Council on Compensation Insurance initially filed …

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Plenty of Questions Remain About Citizens Clearinghouse http://www.insurancejournal.com/magazines/features/2014/10/06/342109.htm Mon, 06 Oct 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=342109 Florida’s state-backed property insurer has begun submitting renewal policies through its online clearinghouse to private carriers, but agents believe the process still needs refinement. Citizens Property Insurance Corp. in September started to funnel all HO-3 residential multi-peril policies that have …

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Florida’s Parasailing Insurance Law Takes Effect http://www.insurancejournal.com/news/southeast/2014/10/03/342623.htm Fri, 03 Oct 2014 15:11:05 +0000 http://www.insurancejournal.com/?p=342623 Florida parasailing operators are now required to have up to $2 million in liability coverage under a new law that took effect Oct. 1. The White-Miskell Act regulates the state’s estimated 100 commercial parasailing operators that offer thrill seekers the …

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Florida Workers’ Compensation Insurers Seek Bigger Rate Cut http://www.insurancejournal.com/news/southeast/2014/10/02/342476.htm Thu, 02 Oct 2014 14:29:12 +0000 http://www.insurancejournal.com/?p=342476 Florida’s workers’ compensation insurers, already on record recommending an average 2.5 percent cut in rates, now say that a 3.3 percent cut is justified. The modification in the industry’s rate filing by the National Council on Compensation Insurance (NCCI) rating …

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Florida’s Citizens Pays Off Bond, Drops Surcharge 2 Years Early http://www.insurancejournal.com/news/southeast/2014/09/26/341688.htm Fri, 26 Sep 2014 13:24:16 +0000 http://www.insurancejournal.com/?p=341688 Florida’s state-backed property insurer will stop collecting a one-percent assessment that had been used to retire a bond issued following the 2004-2005 hurricane season. The Citizens Property Insurance Corp. board of directors decided the insurer will have the necessary funds …

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