On October 16, 2007, the Florida Office of Insurance Regulation (“FLOIR”) issued a subpoena to several Allstate entities requesting that they appear before the FLOIR to give testimony and produce documents concerning their reinsurance program, their relationships to risk modeling companies, insurance rating organizations or companies and insurance trade associations. The subpoena calls for the testimony to take place on January 15-16, 2008.
Florida Developments
Florida’s CFO Notes that Insurers Acknowledge Danger of Climate Change
By Troutman Pepper Locke on
Florida’s Chief Financial Officer, Alex Sink, recently co-authored an op-editorial for the Washington Post, noting the insurance industry’s recognition of the perils related to climate change.
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Florida Jury Sides With Merck In The State’s First Vioxx Case To Go To Trial
By Troutman Pepper Locke on
A Florida jury recently returned a verdict in favor of Merck & Co. in the first Vioxx case to go to trial in the state.
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Investors Representing $1.5 Trillion in Assets Call upon the SEC to Require Full Corporate Climate Risk Disclosure
By Troutman Pepper Locke on
On September 18, 2007, a broad coalition of large institutional investors, state officials and environmental groups filed a petition for interpretive guidance with the U.S. Securities and Exchange Commission titled Request for interpretive guidance on Climate Risk Disclosure, No. 4-547.
Environmental Claims – Florida Underground Storage Tank Upgrades Required by December 31, 2009
By Troutman Pepper Locke on
Posted in Florida Developments, United States
Pursuant to Florida Administrative Code, chapter 62-761, effective December 31, 2009, all underground storage tank systems in the state of Florida must adhere to the requirements for “secondary containment” with “interstitial monitoring,” which were established in July 1998.
More Rate Filings Denied In Florida
By Troutman Pepper Locke on
The Florida Office of Insurance Regulation (“FOIR”) denied eight more rate filings last week.
Proposed Rate Reduction Could Save Florida Employers Millions
By Troutman Pepper Locke on
The National Council on Compensation Insurance has proposed that Florida reduce its statewide workers compensation by 16.5% for 2008 due in part to a decline in the number of claims and the lower ultimate values of claims paid.
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Environmental Claims – Florida Appellate Court Enforces New York Forum Selection Clause in Petroleum Discharge Case
By Troutman Pepper Locke on
In a recent decision, Florida’s First District Court of Appeal enforced an express New York choice of law/forum selection provision in an environmental liability policy insuring a gas station located in Florida. …
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U.S. House to Review Homeowners’ Defense Act of 2007
At the top of the United States House of Representatives agenda when it reconvenes in September is a review of the “Homeowners’ Defense Act of 2007” (H.R. 3355 or the “Act”), a bill introduced on August 3, 2007 by Reps. Robert Klein and Tim Mahoney of Florida.
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Florida Office Of Insurance Regulation Denies Three Rate Filings As “Too High”
By Troutman Pepper Locke on
The Florida Office of Insurance Regulation (the “OIR”) has denied rate filings of three insurance companies, because, according to the OIR, the requested rate decreases were not substantial enough to be in accordance with the legislative overhaul from the January Special Session.
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