Forms state Senate committee for Banking and
December legislation seeks to block portion of
healthcare reform requiring people to buy health insurance.
>> Lowell Nicholas, M.D., appointed deputy commissioner
overseeing Health Insurance Rate Review Division. >> All
filings submitted on or after March 1 must be done using SERFF,
and all filing fees must be sent via electronic funds transfer
on SERFF. Farm Mutual and surplus lines writers are exempt.
State Compensation Insurance Fund revises broker of
record policy and files 5.2% rate increase for 2011.
Policyholders will have more options on policy service. Broker
of record letters for direct accounts will be recognized, and
commissions paid on those accounts will follow 2011 Broker
Agreement. The agreement increases the types of account for
which brokers can receive a commission. >> Assemblyman
Dave Jones elected to follow Steve Poizner as insurance
commissioner. He chaired the Assembly Health Committee.
>> Outgoing commissioner rejects 27.7% workers comp rate
filing, saying cost controls and operating efficiencies have
not be shown. >> Consolidates Compensation Insurance Fund
operations to save nearly $200 million in costs. Over three
years, will consolidate regional claims and underwriting into
10 central locations. About 1,400 jobs will move or be
eliminated. >> Appoints Tom Clark COO of state
Compensation Insurance Fund, replacing Harrison Jones, who has
retired. Clark is 30-year veteran of the fund. >> New
assessments for workers comp insurers and self-insurers
published for 2011. Full fee balance is due by April 1.
>> WC insurers wrote about 10% more premium through Q3
2010 over the same period in 2009. Average rate was $2.39/$100
Commissioner Marcy Morrison steps down. John
Postolowski, deputy commissioner of finance and administration,
is serving as interim commissioner.
Barbara Spear appointed acting commissioner to fill the
vacancy left by Thomas Sullivan’s departure. She has been
at the department since 2008.
State authorizes change in property insurance mitigation
discount form to require that inspectors who sign an inspection
form must personally inspect the property. Fines and criminal
prosecution possible for violators. >> Approves
reorganization of the Florida Retail Federation of
Self-Insurers Fund into a stock insurer, RetailFirst Insurance
Co., within a mutual holding company system. The group, which
insures more than 7,500 businesses throughout Florida, has a
policyholder surplus above $100 million. It will continue to be
managed by Liberty Mutual subsidiary Summit Consulting.
Submissions are being accepted through independent agents.
>> Sinkhole claims are spreading geographically into
Miami-Dade and Broward counties. Office of Insurance Regulation
is considering changes to policy language defining structural
damage and is trying to determine how many of the claims are
false or inflated by the participation of public adjusters.
>> State attracts three more Bermuda-based
reinsurers—ACE Tempest Re, Hiscox, and Partner
Re—under agreement on lower collateral requirements. Six
reinsurers given break on collateral so far.
Ralph Hudgens elected insurance and fire safety
commissioner, succeeding fellow Republican John Oxendine, who
left post for failed governor’s bid.
Workers comp panel assignments for 2011 announced. Panel
A consists of Commissioners Donohoo, Lamborn and Mason; Panel B
is Commissioners Dauphin and Lindsay, plus a vacancy left by
Commissioner Sherman, who resigned in October; Panel C remains
filled by Commissioners Basurto, DeMunno and Gore. >>
Madison, St. Clair and Monroe counties, along with other
parties, are suing FEMA over new flood maps. They say new
designations for the St. Louis area would mandate flood
insurance, restrict new development and hurt the region’s
ability to sustain and grow the local economy.