Florida Developments

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Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review –  June 2011, which contains nine articles about various topics in the insurance and reinsurance industry. …
Read More Insurance & Reinsurance Review – June 2011

On May 17, 2011, Florida Governor Rick Scott signed property insurance reform legislation.  We previously reported on the progress of Senate Bill 408 here.  The new law requires windstorm and hurricane claims to be brought within three, instead of five years, and sinkhole claims to be brought within two years. …
Read More Florida Governor Signs Florida Property Insurance Reform Into Law

This updates our May 3, 2011 blog post.  Several state regulators have joined together to form a special task force (“Task Force”) under the auspices of the NAIC to coordinate investigation of the claims procedures of certain life insurance companies.  In particular, states are examining the manner in which such companies investigate and determine whether a particular insured is deceased, and locate beneficiaries. …
Read More NAIC Task Force Established to Coordinate Investigation of Life Insurance Companies’ Claims Procedures

The Florida Supreme Court recently held that the attorney-client privilege applies to an insurer’s written communications and that the insured cannot discover such privileged documents in a first party bad faith action. …
Read More Florida Supreme Court Rules that Attorney Client Privileged Documents Not Discoverable in First Party Bad Faith Action

Insurance Commissioner Kevin McCarty of the Florida Office of Insurance Regulation (FOIR) has announced the appointments of Al Willis, Steve Szypula and Toma Wilkerson to new positions within the FOIR.  Willis will now be the acting Deputy Commissioner for Property & Casualty.  Previously he was the Director of Life & Health Financial Oversight.  Szypula will now be the acting Director of Property & Casualty Financial Oversight. …
Read More Florida Insurance Commissioner Announces New Staff Appointments

Bermuda insurer Renaissance Reinsurance Ltd. has been approved to take part in Florida’s property reinsurance marketplace with modified collateral requirements. Legislation passed in 2007 authorized the state’s Office of Insurance Regulation to set reduced collateral requirements for non-United States based reinsurers that are highly rated and financially secure. Florida Insurance Commissioner Kevin McCarty has now approved a total of seven reinsurance companies to operate in Florida under modified terms. …
Read More Florida Approves Another Foreign Reinsurer for Reduced Collateral Requirements

Florida lawmakers have introduced legislation that would return state-run Citizens Property Insurance Corporation to its original mandate as an insurer of last resort.  Florida Representative Jim Boyd and Florida State Senator Alan Hays have introduced identical bills in the Florida House and Senate. …
Read More Legislation Introduced That Would Shrink Citizens Property Insurance Corporation