Florida Developments Archives - Page 17 of 21

Florida Enacts New Property Insurance Legislation

May 29, 2008 | Florida Developments, Regulatory | United States

Last month, the Florida Senate introduced S.B. 2860, a comprehensive property insurance bill aimed at protecting property owners from arbitrary and unsupported property rate increases. Florida’s House of Representatives subsequently approved an amended version of the bill, which the Florida Senate adopted earlier this month. The Governor approved the bill on May 28, and it will take effect on July 1, 2008.

Florida Insurable Interest Bill Passes the House and Senate

May 21, 2008 | Florida Developments, Life Insurance & Annuities, Regulatory | United States

Before closing its legislative session on May 2nd, the Florida House and Senate unanimously approved Senate Bill 648 (“SB 648” or the “Bill”) addressing insurable interest requirements with respect to life insurance policies. The Bill is different from the NAIC and NCOIL Viatical Settlement Models, but addresses many of the same issues surrounding stranger owned life insurance arrangements (“STOLI”).

Florida Approves Annuity Suitability Bill

May 21, 2008 | Florida Developments, Life Insurance & Annuities, Regulatory | United States

Before closing its legislative session on May 2nd, both of Florida’s legislative chambers unanimously approved Senate Bill 2082 (“SB 2082” or the “Bill”) addressing suitability in annuity sales. The Bill is based on the NAIC Suitability in Annuity Transactions Model Regulation, as amended in 2006, which requires that life insurance companies ensure that their annuity products are marketed and sold to suitable parties.

Florida Senate Passes Bill to Reduce Insurers’ Catastrophe Coverage Limits

Apr 30, 2008 | Florida Developments, Regulatory, Reinsurance | United States

The Florida Senate Banking & Insurance Committee passed legislation last month that would reduce the state-funded reinsurance, which insurers are permitted to purchase in addition to the Florida Hurricane Catastrophe Fund coverage (Cat Fund). The measure, backed by Florida’s Chief Financial Officer Alex Sink, is designed to shed some of the state’s hurricane risk.

Federal Judge in Florida Rules Underground Storage Tank Policy Cannot Be Rescinded

Apr 30, 2008 | Coverage & Claims, Florida Developments | United States

A federal district court judge in Florida recently ruled that an insurer cannot retroactively rescind a liability policy insuring underground storage tanks (“USTs”) for an alleged material misrepresentation in the policy application. Rather, the only remedy for such a misrepresentation is the denial of coverage for future claims.

Florida Federal Court Finds Duty to Defend and Indemnify Mold-Related Claims Despite Policy’s Mold Exclusion and Anti-Concurrent-Cause Provision

Apr 29, 2008 | Coverage & Claims, Florida Developments | United States

A Florida federal court recently found that, despite a mold exclusion and anti-concurrent-cause provision in the relevant commercial general liability policy, an insured was entitled to defense and indemnity for claims relating to mold infestation.

Comparative Bad Faith Defense Not Available in Florida Suit Between Primary and Excess Insurers

Mar 31, 2008 | Extra-Contractual Liability, Florida Developments | United States

In what appears to be a matter of first impression in Florida, a federal Magistrate Judge in the Southern District of Florida denied the comparative bad faith and comparative negligence defenses in an excess insurer’s bad faith claim against a primary insurer.

Florida House Committee Passes Legislation to Expand Private Reinsurance Market

Mar 5, 2008 | Florida Developments, Regulatory, Reinsurance | United States

Two weeks ago the Florida House of Representatives’ Jobs and Entrepreneurship Committee unanimously passed a bill, requiring insurers, which participate in Florida’s Hurricane Catastrophe Fund (“Cat Fund”), to purchase reinsurance from the private market. The bill specifically seeks to eliminate last year’s $12 billion increase in Cat Fund coverage.

Florida House Committee Passes Legislation to Expand Private Reinsurance Market

Feb 25, 2008 | Florida Developments, Regulatory, Reinsurance | United States

On Thursday, the Florida House Committee unanimously passed a bill backed by Chief Financial Officer Alex Sink requiring insurer’s that buy into the state’s catastrophe fund to purchase reinsurance from the private market. It was estimated that the bill, which was backed by Republican’s such as Ron Reagan, could inject as much as $3 billion of limits back to the private reinsurance market.

Florida Office of Insurance Regulation Files Formal Complaint to Suspend Allstate Companies’ Licenses

Feb 20, 2008 | Florida Developments, Regulatory | United States

Florida Insurance Commissioner Kevin McCarty (McCarty) announced this week that the Office of Insurance Regulation (OIR) has filed an administrative complaint seeking to suspend the certificates of authority of numerous Allstate Companies to write new insurance policies in Florida.

Topic: Florida Developments

Florida Enacts New Property Insurance Legislation

Florida Insurable Interest Bill Passes the House and Senate

Florida Approves Annuity Suitability Bill

Florida Senate Passes Bill to Reduce Insurers’ Catastrophe Coverage Limits

Federal Judge in Florida Rules Underground Storage Tank Policy Cannot Be Rescinded

Florida Federal Court Finds Duty to Defend and Indemnify Mold-Related Claims Despite Policy’s Mold Exclusion and Anti-Concurrent-Cause Provision

Comparative Bad Faith Defense Not Available in Florida Suit Between Primary and Excess Insurers

Florida House Committee Passes Legislation to Expand Private Reinsurance Market

Florida House Committee Passes Legislation to Expand Private Reinsurance Market

Florida Office of Insurance Regulation Files Formal Complaint to Suspend Allstate Companies’ Licenses

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