On September 9, 2008, Florida Insurance Commissioner Kevin McCarty ordered State Farm Florida to issue $120 million in credits or refunds to approximately 98,000 current or former policyholders who did not receive, or who did not apply for, Windstorm Loss Reduction Rating Plan discounts that were available to Windstorm policy holders who made their homes more windstorm resistant.
Florida Developments
Edwards Angell Palmer & Dodge Webinar: ‘Mortgage-Backed and Auction-Rate Securities: Structure, Litigation and Insurance Issues’
Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar on the above topic on Monday, September 29, 2008 at 12:00 PM EDT / 5:00 PM BST. …
Read More Edwards Angell Palmer & Dodge Webinar: ‘Mortgage-Backed and Auction-Rate Securities: Structure, Litigation and Insurance Issues’
Florida CFO Alex Sink Creates Task Force to Examine Foreclosures
By Troutman Pepper Locke on
Chief Financial Officer Alex Sink recently announced that she has created a “Financial Action Team” comprised of an assortment of financial and housing stakeholders to identify federal assistance available to Floridians.
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Read More Florida CFO Alex Sink Creates Task Force to Examine Foreclosures
McCain Opposes National Catastrophe Fund, but Supports Regional Alternative
On a recent campaign trip to Florida, Republican presidential nominee John McCain restated his opposition to the national “Cat Fund” bill that passed the U.S. House last year and was sponsored by Palm Beach County Democratic Congressmen. Ron Klein and Tim Mahoney. McCain did say that he would consider a “Gulf States Compact” or other regional risk pool alternative to a national catastrophe insurance fund. …
Read More McCain Opposes National Catastrophe Fund, but Supports Regional Alternative
Tropical Storm Fay Temporarily Halts Writing of New Property Insurance Policies
By Troutman Pepper Locke on
With Tropical Storm Fay on the map and threatening to become a hurricane before landfall on August 19th, property insurers stopped writing new policies in Florida.
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Read More Tropical Storm Fay Temporarily Halts Writing of New Property Insurance Policies
TODAY’S WEBINAR: Insurance Implications of Climate Change
By Troutman Pepper Locke on
Posted in Bermuda, Catastrophe Claims, Climate Change, Connecticut Developments, European Union, Florida Developments, Hong Kong, Industry Developments, Latin American Developments, Life Insurance & Annuities, Massachusetts Developments, New Jersey Developments, New York Developments, United Kingdom, United States
Today, Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change.
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Read More TODAY’S WEBINAR: Insurance Implications of Climate Change
Allstate Agrees to Resolve Litigation with Florida Insurance Commission by Paying Fine, Decreasing Rates and Writing More Homeowners Insurance in Florida
By Troutman Pepper Locke on
On Friday, August 15, 2008, Florida Insurance Commissioner Kevin McCarty announced that the Office of Insurance Regulation (OIR) had reached a limited agreement with the Allstate Companies (Allstate). …
Read More Allstate Agrees to Resolve Litigation with Florida Insurance Commission by Paying Fine, Decreasing Rates and Writing More Homeowners Insurance in Florida
Placing Conditions on Settlement Payment Constitutes Counteroffer, Opening Door for Bad Faith Claim
By Troutman Pepper Locke on
Posted in Florida Developments, United States
A recent Florida state court decision underscores the importance of accepting a policy limits demand on its precise terms.
Florida Insurance Commissioner Intends to Disapprove of Florida Farm Bureau’s Proposed Rate Hike
By Troutman Pepper Locke on
As previously reported here, Florida Farm Bureau Insurance was seeking a state-wide, 28.4 percent average increase for its homeowners insurance policies. …
Read More Florida Insurance Commissioner Intends to Disapprove of Florida Farm Bureau’s Proposed Rate Hike
Crist Resists Florida Homeowners Insurers’ Request for Rate Increases
By Troutman Pepper Locke on
State Farm and the Florida Farm Bureau insurance companies have asked Florida state regulators to approve rate increases for homeowners’ policies. State Farm’s company spokesman has reported that, since 2000, for every dollar in premiums collected the company spent $1.20 in claims and other expenses, including salaries and profits.
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Read More Crist Resists Florida Homeowners Insurers’ Request for Rate Increases