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By: Katrina Callaway, FIC General Counsel The House Judiciary Committee released a committee bill on AOB reform on November 7, 2017. The bill will be heard and voted on at the Judiciary Committee meeting next week, on November 14, 2017. Thus, it seems like AOB reform is being fast-tracked by House leadership this year. …
By: Katrina Callaway, FIC General Counsel The Advisory Council (Council) for the Florida Hurricane Catastrophe Fund (FHCF or Fund) met on October 26, 2017 and learned the FHCF is still financially strong despite losses to the Fund from Hurricane Irma. During the meeting, the Council received and approved the October Claims Paying Capacity Estimates…
By: Katrina Callaway, FIC General Counsel The Senate Banking and Insurance Committee continued its discussion and debate on assignment of benefits (AOBs) during its committee meeting on October 24, 2017. The Committee also held a panel discussion on AOB during the last committee meeting. Most of the panelists from the last meeting participated again during…
TALLAHASSEE, Fla. (Oct. 24, 2017) – Legislative meetings about Assignment of Benefits underscored the need for comprehensive reform to end abusive AOB practices that are driving up the cost of property insurance and threatening the affordability of home ownership for many Floridians, the Consumer Protection Coalition said today. Members of the Senate Banking and Insurance…
FOR IMMEDIATE RELEASE: October 23, 2017Contact: Michael Williams. (850) 222-3767, michael@coremessage.com More than One Billion in Reinsurance Payments Now in Florida Market as Irma Claims Are Paid~Reinsurance Providing the Capital to Pay Claims and Write New Business~ Tallahassee, FL – In early September, almost the entire state of Florida was affected by Hurricane Irma, creating…
By Greenberg Traurig In the opinion, Justice Pariente noted the appeals court had improperly ruled that multipliers are only available in “rare” and “exceptional” circumstances. Pariente wrote, “after reviewing this Court’s precedent regarding contingency fee multipliers, it is clear that this court has never limited the use of contingency fee multipliers to only `rare’ and…
By Greenberg Traurig, P.A. This morning the Florida Cabinet held their monthly meeting. Of particular interest were presentations made by the Office of Insurance Regulation (“OIR”) and the State Board of Administration. Insurance Commissioner David Altmaier told the Cabinet “it was a significant catastrophic year, especially for the second half of 2017. Where we’re going…
By: Katrina Callaway, FIC General Counsel On October 10, 2017, the Senate Banking and Insurance Committee began its discussion of the assignment of benefits issue. Due to time constraints, the committee did not get very far and will continue the discussion in two weeks when the committee next meets. The Committee will continue to work…
By: Katrina Callaway, FIC General Counsel The House Insurance & Banking Subcommittee heard presentations from stakeholders on property insurance issues during its meeting on October 12, 2017. Most of the information provided by the presenters mirrored the information provided to the Senate Banking & Insurance Committee earlier in the week as the presenters were the…
By: Katrina Callaway, FIC General Counsel The Senate Banking and Insurance held a committee meeting on October 10, 2017 where the committee was provided updates on Hurricane Irma from various stakeholders as follows: Update from Commissioner AltmaierSteps the OIR took ahead of the storm to prepare for the event: consumer outreach, outreach to insurers, liaison…