The 2017 United States Atlantic hurricane season, which officially ended on November 30, was the most expensive ever according to one report. Disaster modelers Chuck Watson and Mark Johnson concluded that total damages for the season, which included Hurricanes Harvey, Irma and Maria, topped $202 billion. The staggering financial losses
Read More 2017 Hurricane Season the Costliest on Record
Florida Developments
The Pruco Florida Supreme Court decision has been legislatively reversed by a recent amendment to the Florida Viatical Settlement Act
The Florida Supreme Court Pruco advisory opinion, Wells Fargo Bank, N.A. v. Pruco Life Ins. Co., 200 So. 3d at 1203 & 1206-07, to the United States Eleventh Circuit Court of Appeals held that an insurer may not challenge the validity of a Florida life insurance policy, even on…
Read More The Pruco Florida Supreme Court decision has been legislatively reversed by a recent amendment to the Florida Viatical Settlement Act
New Notice Requirement for Insurers under Florida’s Viatical Settlement Act
Florida has recently adopted amendments to its Viatical Settlement Act.
One of the new provisions, Section 626.99292 Notice to life insurance policyholders, provides:
“(1) A life insurer shall provide an individual life insurance policyholder with a statement informing him or her that if he or she is considering making changes…
Read More New Notice Requirement for Insurers under Florida’s Viatical Settlement Act
Florida may have outlawed the secondary sale of policies if at any time during the five year period post issuance there was a loan secured by the policy
Florida has recently adopted amendments to its Viatical Settlement Act.
One of the new provisions, Section 626.99287 Contestability of viaticated policies, provides as follows:
(2) Except as hereinafter provided [certain life changing events, such as death of a spouse, divorce, retirement from full time employment, terminal or chronic illness, mental…
Florida may have outlawed legitimate premium finance lending
Florida has recently adopted amendments to its Viatical Settlement Act.
One of the new provisions, Section 626.9911 (9), defines a prohibited stranger-originated life insurance practice as:
(9) “Stranger-originated life insurance practice” means an act, practice, arrangement, or agreement to initiate a life insurance policy for the benefit of a third-party…
Read More Florida may have outlawed legitimate premium finance lending
Florida Governor Scott Orders Freeze on Property and Casualty Rate Increases
By Tom Bohac & Troutman Pepper Locke on
Posted in Florida Developments, United States
On Tuesday, September 12th, Florida Governor Rick Scott directed Insurance Commissioner David Altmaier to “freeze any and all efforts” to increase property insurance rates. In addition, Governor Scott stated that policyholders who had their coverage canceled or non-renewed in the days leading up to Hurricane Irma should receive a 90-day…
Read More Florida Governor Scott Orders Freeze on Property and Casualty Rate Increases
ILS Market: A Deep Dive into the Harvey and Irma Waters
Yesterday, Locke Lord touched on the general implications of the recent devastation caused by Hurricanes Harvey and Irma on the Insurance-Linked Securities (“ILS”) market here. With Irma having now left the Florida keys (and reportedly having destroyed upwards of 25% of all homes in the area), it is now…
Read More ILS Market: A Deep Dive into the Harvey and Irma Waters
Senate Passes Bill Proposing Three Month NFIP Extension
By Tom Bohac & Troutman Pepper Locke on
On Friday, September 7th, the Senate passed a bill increasing the disaster aid within the National Flood Insurance Program (the “NFIP”) to $15 billion. The NFIP was initially established in 1968 to provide flood coverage to properties located in flood zones, as a response to flood insurance becoming too costly…
Read More Senate Passes Bill Proposing Three Month NFIP Extension
Harvey, Irma and the ILS Market
Not since Katrina in 2005 has the mainland United States been witness to a category 5 storm that resulted in widespread and costly devastation. Now, first Harvey, and then Irma. What does this mean for the ILS market? To begin with, the ILS market never billed itself as a replacement…
Read More Harvey, Irma and the ILS Market
Flood and Wind Insurance in Hurricanes Harvey and Irma
By Troutman Pepper Locke on
In the wake of the destruction caused by Hurricane Harvey in Texas and with the approach of Hurricane Irma to Florida, many homeowners and businesses will be contacting their insurers with flood and wind insurance claims. However, the insurance for these two risks varies and insureds should be aware of…
Read More Flood and Wind Insurance in Hurricanes Harvey and Irma