Articles by Michael Adams

North Carolina Home Insurers Weigh Appeal of Rate Denial

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 …

Florida PIP Report Shows Reduction in Rates and Fraud

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 …

FEMA Found to Have Overpaid Florida Residents by $177M

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 …

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 …