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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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Read More Florida Office Of Insurance Regulation Denies Three Rate Filings As “Too High”

On January 17, 2007, lawmakers in the House and Senate introduced identical bills (H.R. 506 and S. 325) aimed at funding innovative State initiatives that expand coverage and access to the uninsured and improve quality and efficiency in the health care system.  The bills, the “Health Partnership Act”

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Read More Important National Health Care Reform Bills Awaiting Action By Congress

Effective October 26, 2007, the U.S. Foreign Investment and National Security Act of 2007 (“FINSA”) will amend the Exon-Florio review process to place more scrutiny on foreign acquisition of U.S. companies.  FINSA was prompted by national security concerns that arose after the proposed acquisitions of U.S. ports by a Dubai-owned company and of UNOCAL by China. 

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Read More Exon-Florio Reviews Amended by the U.S. Foreign Investment and National Security Act of 2007

Last week, the Senate Baking, Housing, and Urban Affairs Committee, in a voice-vote, approved a bill (The Commission on Natural Catastrophe Risk Management and Insurance Act of 2007) that would create a national commission to examine natural disaster risks. 

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Read More Senate Committee Approves Bill to Create Natural Disaster Commission

Florida’s personal injury protection (“PIP”) statute, Florida Statute § 627.736, requires Florida insureds to maintain at least $10,000 in “no fault” coverage for automobile accidents and compels insurers to pay 80% of all reasonable, related, and necessary medical expenses.  However, subsection (10) of the PIP statute creates an alternative to standard PIP coverage options. 

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Read More Florida No Fault Coverage – Insurers May Reimburse Medical Providers at the Providers’ PPO Contract Rates

Late yesterday afternoon, the House Financial Services Committee approved an amended version of the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”) by a vote of 49 to 20. 

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Read More Terrorism Risk Insurance Revision and Extension Act of 2007 Inches its Way Toward Passage

On July 16, 2007, the Massachusetts Commissioner of Insurance, Nonnie S. Burnes, issued two decisions which will introduce managed competition into the Massachusetts automobile insurance market. 

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Read More Massachusetts Insurance Commissioner Introduces Managed Competition Into The State’s Auto Insurance Market