A memorandum released last week by Florida Insurance Commissioner Kevin McCarty warning insurers in the state not to use price optimization in rating has gotten cheers from a consumer advocate group and jeers from an insurance industry trade association that says the definition of the practice used is too vague. The memo, released May 14…
Robert Trigaux, Tampa Bay Times Business Columnist One of the very few Florida property insurers that is “A” rated by one of the state’s leading private rating firms is rapidly downsizing. State-run Citizens Property Insurance is busy handing hundreds of thousands of its Florida policyholders in bulk to young, lower-rated small insurers in the state.…
MIAMI (CBSMiami/NSF) — Uber is revving up their efforts for a spot in the Legislature’s special session. The regular legislative session ended last week without approval of a proposal for statewide regulations that would override local rules for fast-growing transportation networks such as Uber. Also, lawmakers failed to take action on new insurance requirements for…
Much is said about punitive damages and how they are used to punish wrongdoers. Plaintiffs dream of large punitive damage awards. Plaintiffs’ lawyers who obtain large punitive damage awards use them to brag about their ability as tort lawyers and as a bludgeon on other defendants to convince them to settle for more than they…
Apr 27, 2015 | By Nigel Walsh Behind new fuel cells, connected cars are the next biggest disruptor driving innovation in the automotive industry. Today’s cars can already park themselves, help drivers avoid traffic, and automatically find the closest gas station when the tank is low. In the very near future it will be the…
April 14–Proponents say the time is right for Cabinet officials to approve a first-ever plan for theFlorida Hurricane Catastrophe Fund to buy private reinsurance, but opponents say it’s a better deal forBermuda financiers thanFlorida homeowners. Skeptics questioned terms disclosed less than 24 hours before a Cabinet meeting today they understand to show homeowners will pay$12.60…
TALLAHASSEE, Fla. (AP) — Florida is trying to entice private insurance companies to sell flood policies in the state that’s the most vulnerable to storm surge. The Florida Senate voted Thursday 30-3 for the bill (SB 542) sponsored by Sen. Jeff Brandes, a Republican from St. Petersburg. It now heads to the desk of Gov.…
AUSTIN, Texas — Florida dropped back to second place, but remains close to the top of the 18 hurricane-target coastal states in building codes in a 2015 rating report released Wednesday by the Insurance Institute for Business and Home Safety. The Institute, in an update of its 2012 findings, gave Florida 94 points out of…
Another state is taking aim at automobile crash rings. Kentucky HB 153 goes into effect in late June and makes it illegal to solicit victims involved in an automobile crash for medical treatment for 30 days following the incident. Mark Treesh, executive director for the Insurance Institute of Kentucky, describes the scheme this way:…
In Back to the Future II, the far distant “future” was 2015! While we’re not to the point of hoverboards and time-traveling DeLoreans, there have been a lot of technological advancements that permeate every aspect of our lives, as well as new threats that can impact the well-being of individuals worldwide. The 2015 Crash Course…