Articles by Michael Adams

North Carolina Home Insurers Weigh Appeal of Rate Denial

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 …

Florida’s Citizens Drops Coverage Limits on High-Value Properties

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 …

Florida’s Universal Insurance Raises $19M in Stock Deal

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 …

Florida Supreme Court Weighs Workers’ Comp Attorney Fee Schedule

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 …

Citizens’ Takeout Program Undergoing Changes; Says Assessments Unlikely

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 …

Florida Supreme Court Weighs Workers’ Comp Attorney Fee Schedule

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 …

South Carolina Approves CAT Models, Weighs Building Public Model

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 …

South Carolina Approves CAT Models, Weighs Building Public Model

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 …

South Carolina Liquidating Commercial Auto Insurer First Keystone

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 …

Florida Gov. Scott Seeks Insurance Agents’ Help to Get Out Vote

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 …