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 MoreThis 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 MoreWe previously reported on the jury verdict against BankAtlantic in the matter of In re BankAtlantic Bancorp, Inc. Securities Litigation, S.D.Fla. Docket No. 07-cv-61542-UU.
Read MoreThe 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 MoreFlorida Senate Budget Committee approved a bill this week that proposes wide ranging reforms to Florida’s property insurance market.
Read MoreEarlier this month, Florida State Senator John Thrasher (R-Jacksonville) filed Senate Bill 1592 containing proposed reforms to Florida insurer bad faith law.
Read MoreInsurance 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 MoreBermuda 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 MoreFlorida 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 MoreAs previously reported here, Senior United States District Judge Roger Vinson of the United States District Court for the Northern District of Florida declared the Patient Protection and Affordable Care Act (“PPACA”) void in a summary judgment decision in the case of State of Florida, et al. v. United States Department of Health and Human Services, et al.
Read More
