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.
Florida Developments
Chinese Drywall – Two U.S. Senators File Legislation Seeking Recall and Ban of Chinese Drywall
By Troutman Pepper Locke on
United States Senators Bill Nelson (D-Fla.) and Mary Landrieu (D-La.) filed legislation last week to recall and ban the use of Chinese drywall in the United States.
Chinese Drywall– Florida Department of Health Finds Corrosive Compound
By Troutman Pepper Locke on
Historically, builders used drywall (a/k/a sheetrock, gypsum board or wallboard) that was manufactured in the United States for residential construction. However, during the construction boom years of 2002-2007, a shortage of domestic drywall forced many builders to purchase product that was manufactured in China.
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UPDATE: Amended Surplus Lines Insurer Exemption Legislation Passed By Florida Senate Judiciary Committee
By Troutman Pepper Locke on
On April 1, 2009, the Florida Senate Judiciary Committee passed an amended Senate Bill 1894 (the “Amended Bill”) by a vote of 5-4. The Amended Bill, while differing in form, incorporated some of the concepts proposed by Senator Jeremy Ring (D) that we reported about here.
UPDATE: Florida Senate Committee Amends Surplus Lines Insurer Exemption Legislation
By Troutman Pepper Locke on
Legislation (Senate Bill 1894) introduced in the Florida Senate to exempt surplus lines insurers from the provisions of Chapter 627 has been amended by the Committee on Banking and Insurance and re-referred to the Judiciary Committee.
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Florida Chief Financial Officer Alex Sink Opposes the Use of Credit Scoring when Determining Automobile Insurance Rates and Availability
By Troutman Pepper Locke on
As we previously reported here, the Florida Office of Insurance Regulation recently held a hearing on the use of credit information in insurance ratemaking by insurers.
Aviation Repair Company Files Lawsuit to Recover for Alleged Total Loss of its Leased Plane Engines Due to Confiscation by the Mexican Government
An aviation repair company recently filed a lawsuit in federal court in Florida seeking recovery from its insurance broker and Lloyds of London for their alleged failure to cover a purported loss of plane engines leased to a Mexican airline that were confiscated by the Mexican government.
Update on Use of Credit-Scores by Insurers in Underwriting
By Troutman Pepper Locke on
As we have previously reported here, here and here, the use of credit scores by insurers is a controversial topic.
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Florida Introduces Legislation to Exempt Surplus Lines Insurers from Form Filing Requirements
By Troutman Pepper Locke on
Companion legislation has been introduced in the Florida House of Representatives and Senate to exempt surplus lines insurers from the provisions of Chapter 627, except when specifically stated otherwise, which contains Florida’s rate and form filing statutes.
Florida Insurance Commissioner Conditionally Approves State Farm Withdrawal Plan
By Troutman Pepper Locke on
Florida Insurance Commissioner Kevin McCarty (McCarty) issued an Order on February 13, 2009 announcing that he has conditionally approved the withdrawal plan , which State Farm Florida Insurance Company’s (State Farm Florida) submitted on January 27, 2009, as reported here.
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