State requires fast action to strengthen the Florida Hurricane Catastrophe Fund

The 2012 Florida Legislature is rapidly approaching the end of its session, and the lawmakers there have yet to decide on a path for the reform of the Florida Hurricane Catastrophe Fund (nicknamed the “Cat Fund”), without which, the state will be left at a high degree of risk. Without arranging the Cat Fund before the end of session, all it would take is one sizeable hurricane to rip a tremendous chunk out of the state finances, as hundreds of thousands, if not millions of legitimate claims are made, but…

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Auto insurance data spat could lead...
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Rates for Florida workers’ compensation to increase by 8.9 percent by 2012

According to Kevin McCarty, the Florida Insurance Commissioner, the insurance rates for workers’ compensation are slated to increase by 8.9 percent, and will do so beginning on January 1, 2012.  By giving his approval for the rise in rates, McCarty has simultaneously refused the National Council on Compensation Insurance (NCCI) rate request, stating that there was a flaw in the council’s methodology.  Equally, McCarty has denied another increase proposal by the NCCI regarding minimum premiums.  Should the NCCI wish to continue to pursue its request, it will need to re-file. …

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Citizens Property Insurance rate increase struck down by Florida’s Insurance Commissioner

Florida’s Insurance Commissioner has taken a bold stand against the state-run insurance company Citizens Property Insurance Corp. The insurer has been facing staunch opposition lately for a rate increase that will raise the rates of sinkhole coverage throughout the state by an average of 400%. Commissioner Kevin McCarty has ruled against the rate increase and now demands that the insurer make dramatic changes to their rate proposal. McCarty is keen to see the insurer propose new rates that are friendlier toward consumers. The insurer’s rate increase has been under investigation…

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Hopes that new Florida insurance bill will solve fraudulent sinkhole claims issue

Florida Insurance Commissioner feels certain that Governor will sign SB 408 into law. The bill pertains to property and casualty insurance and directly effects property insurance coverage and overhauling a system vulnerable to fraudulent claims. Property insurers have had to increase rates in efforts to keep up with mounting sinkhole claims, rising reinsurer fees and other issues that are pushing costs through the roof. However, with the passing of SB 408, much of that is likely to change. Bill 408 directly goes after what many insurers and several Lawmakers consider…

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