Florida Developments

Subscribe to Florida Developments via RSS
The United States Environmental Protection Agency (EPA) recently conducted comparative testing on drywall manufactured in China and the United States.  As reported here, here, and here, Chinese drywall emits fumes that allegedly smell like rotten eggs, cause health problems and corrode metal in thousands of new homes built between 2002 and 2007.  Complaints have been registered nationwide but are concentrated in the Southeast, particularly in Florida. 

…
Read More Chinese Drywall – Environmental Protection Agency Releases Preliminary Test Results

This week, the head of the Florida Office of Insurance Regulation (“FLOIR”), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding (“MoU”) with the German Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”), Germany’s integrated financial regulator responsible for regulatory oversight of the insurance, banking and securities markets. 

…
Read More The Florida Office of Insurance Regulation Enters Cooperation Agreement with Germany’s Financial Regulator

Last week, Florida Governor Charlie Christ signed into law House Bill 853, previously discussed here, which exempts surplus lines insurers entirely from the provisions of Chapter 627, except where specifically stated otherwise.  Chapter 627 contains Florida’s rate and form filing statutes. …

Read More UPDATE: Surplus Lines Insurer Exemption Legislation Signed Into Law

In early May 2009, Florida’s Chief Financial Officer, Alex Sink, asked the Florida Legislature to ensure that Florida’s Inland Protection Trust Fund (IPTF) is adequately funded. The IPTF finances environmental clean-up on sites contaminated by leaking petroleum storage tanks.  Sink warned that failing to fund the IPTF could waste progress in remediating contamination that has been made. 

…
Read More Florida Environmental Claims – Florida Chief Financial Officer Alex Sink calls for funding of Inland Protection Trust Fund

The Senate Subcommittee on Consumer Protection, Product Safety and Insurance (the “Subcommittee”) will hold the first Congressional hearings on Chinese Drywall on May 21st at 10:30 a.m.  The Subcommittee intends to investigate the alleged health and product safety issues associated with Chinese Drywall. …
Read More Chinese Drywall Capitol Hill Update – Senate Subcommittee Will Conduct Hearings and House Orders Study of Available Property Insurance

Last week, both the Florida Senate and House passed legislation, Senate Bill 1894 and House Bill 853 respectively (the “Legislation”), to exempt surplus lines insurers entirely from the provisions of Chapter 627, except where specifically stated otherwise, which contains Florida’s rate and form filing statutes. …
Read More UPDATE: Surplus Lines Insurer Exemption Legislation Passed By Florida Senate and House

United States Senator Bill Nelson (D-FL) introduced a bill last week to provide a guarantee for the Florida Hurricane Catastrophe Fund from the Federal Reserve.  The legislation would also provide federal guarantees for the catastrophe funds in Texas and Louisiana and the earthquake insurance pool in California (the “Cat Funds”). 

…
Read More Senate Bill Seeks Federal Backstop for Four States’ Catastrophe Funds

As reported here, here, and here, Florida legislators and insurance regulators actively are seeking to shed some of the state’s hurricane risk and to strengthen the financial condition of the Florida Hurricane Catastrophe Fund (the “Fund”).  As reported here, the Fund, which was established after Hurricane Andrew, provides reinsurance coverage for residential property insurers in Florida in the event of major windstorm events. 

…
Read More Florida Hurricane Catastrophe Fund Reforms May Impact Demand for Private Reinsurance Coverage

Florida Senate
On April 20, 2009, the Florida Senate Finance and Tax Committee (the “Senate Committee”) passed an amended Senate Bill 1894 (the “Senate Bill”) by a vote of 3-2. 

…
Read More UPDATE: Surplus Lines Insurer Exemption Legislation Makes Progress In Florida Senate And House

The United States District Court for the Northern District of Florida granted the receiver for The Aries Insurance Company (“Aries Insurance”) its motion to remand the case.  The court remanded the receiver’s action to the state court in accordance with the requirements of the McCarran-Ferguson Act’s reverse preemption doctrine. 

…
Read More Federal Court Grants Receiver’s Motion to Remand Under the McCarran-Ferguson Act’s Reverse Preemption Doctrine