Iowa Commissioner Approves Workers’ Comp Rate Hikes

November 8, 2012Email ThisPrintNewslettersTweetArticleComments

Iowa’s top insurance regulator has approved a rate filing that increases workers’ compensation premium rates in that state beginning Jan. 1, 2013.

Iowa Insurance Commissioner Susan Voss on Nov. 6 issued an order approving an Aug. 9 rate filing submitted by the National Council on Compensation Insurance Inc. (NCCI).

The rate filing initially proposed a 7.9 percent increase beginning Jan. 1.

A subsequent amendment to the filing proposed a 3.9 percent rate increase beginning Jan. 1 for new and renewed polices with effective rating dates between Jan. 1 and June 30, 2013.

Effective July 1, 2013, policies with July 1 and later effective dates will receive the overall 7.9 percent rate increase as proposed from the rates effective Jan. 1, 2012.

All other rating and miscellaneous values in the filing remain as originally filed to be effective Jan. 1, 2013.

Source: Iowa Department of Insurance

 

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Florida Approves State Farm 6.4% Homeowners Rate Increase

September 28, 2012Email ThisPrintNewslettersTweetArticle2 Comments

Florida regulators have approved an average 6.9 percent rate hike for State Farm Florida Insurance Co., which is the insurer’s fifth increase in as many years.

The insurer had initially sought an average 14.9 percent increase citing  hurricane and underwriting losses.

In addition to the 6.9 percent average increase in homeowner rates, rates for renters will increase by six percent while rates for condominium owners will drop by six percent. The new rates will apply to renewal policies, effective Feb. 1, 2013.

At a recent public hearing, executives said the Winter Haven, Fla.-based insurer had seen its surplus drop from $822 million in 2007 to $368 million in 2011. They also said that following the 2004 hurricane season it had to borrow $750 million from its parent company, State Farm Mutual, an amount it has yet to pay back.

Regulators, however, objected to State Farm Florida’s proposed 16 percent profit and contingency factor included in their rate proposal and the 10.8 percent commission it said it was paying agents despite not writing new business.

The approved 6.9 figure is fifth increase the insurer has received since 2009. That year, the insurer received a 27.9 percent increase, which was followed by a four percent increase in 2010.  State Farm also received approvals for 6.6 percent and 18.8 percent hikes, which were implemented over a two-year period in 2011-2012.

State Farm Florida spokesperson Michael Bower said the insurer will not appeal the state’s Office of Insurance Regulation decision.

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Florida Approves 10.8% Rate Hike for Citizens; Also 21.4% for Sinkholes

October 4, 2012Email ThisPrintNewslettersTweetArticleComments

Florida regulators have approved a 10.8 percent statewide average homeowners insurance rate increase and a 21.4 percent increase in sinkhole rates for the state-backed property insurer.

Insurance Commissioner Kevin McCarty announced the new Citizens Property Insurance Corp. rates that hue closely to the so-called glide path that restricts the insurer’s annual rate increase to 10 percent, plus any surcharges.

The new rates will to all new and renewal policies as of Jan. 1, 2013 and to the new and renewal wind-only policies as of Feb. 1, 2013.

Initially, Citizens had requested a statewide average 11.2 percent increase in its homeowner rates.

McCarty said the new rates will take Citizens one step closer to rates charged by the private market while ensuring that no policyholders will face inordinate increases in their premiums.

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Senate Approves 60-Day Flood Program Extension; Will House Agree?

May 25, 2012Email ThisPrintNewslettersTweetArticle2 Comments

The Senate agreed yesterday in a unanimous consent to extend the National Flood Insurance Program (NFIP) for 60-days past its current expiration date of May 31. Last week, the U.S. House of Representatives voted 402 to 18 on a separate measure, H.R. 5740, to extend the NFIP for 30-days.

It remains to be seen if the House will adopt the Senate 60-day reauthorization when its members return after the Memorial Day weekend.

The Senate vote on the temporary reauthorization came after an agreement was struck for the full Senate to consider in June a long-stalled, longer-term renewal and reform of the program and after insertion of an amendment ending premium subsidies for vacation homes. The agreement was struck by Majority Leader Harry Reid, D-Nev., Banking Committee Chairman Tim Johnson, D-S.D., Ranking Member Richard Shelby, R-Ala.), Sen. David Vitter, R-La. and Sen. Tom Coburn, R-Okla.

The full House and the Senate Banking Committee have passed long-term measures but the full Senate has not acted.

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European Commission Approves ING Restructuring; Opens New Probe

May 14, 2012Email ThisPrintNewslettersTweetArticleCommentsThe European Commission on Friday approved a restructuring plan for Dutch bank and insurer ING made during the financial crisis as compatible with the European Union’s internal market, but also opened an investigation into amendments to the plan.

Friday’s approval followed a court ruling in March that the Commission had failed to show that extra aid granted to the Dutch financial group gave it an advantage over rivals.

The Luxembourg-based General Court, Europe’s second-highest, annulled part of a 2009 decision by the European Commission, which demanded a restructuring plan from ING, including asset sales, before it could approve the aid.

After the original Commission decision, ING said it had had to make hefty concessions, including selling its online bank ING Direct USA in February, no longer being a price leader in some markets and not making acquisitions.

However, the Commission’s approval was based on a restructuring plan submitted in 2009, and since that time, the Dutch state and ING have notified the Commission of amendments to the plan, the Commission said in a statement. The Commission on Friday opened an in-depth investigation into these changes.

“The Commission considers that the complexity of the issues justifies an in-depth analysis,” the EU executive said.

At the same time the Commission said it has appealed the General Court’s judgment to the Court of Justice of the European Union, Europe’s highest court.

The original Commission judgment followed the granting to ING by the Dutch State in the autumn of 2008 recapitalization aid of

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Florida Approves Hurricane Shelter Plan

May 10, 2012Email ThisPrintNewslettersTweetArticleComments

The construction of new public schools across Florida has contributed to a significant increase in the number of hurricane shelter spaces, according to a plan approved this week by Gov. Rick Scott and the Florida Cabinet.

The Division of Emergency Management presented its updated statewide emergency plan to the cabinet at a meeting held at a Florida Keys elementary school.

A combination of hurricane shelter surveys, retrofitting existing schools and building new schools to meet shelter design criteria has created more than 939,000 public shelter spaces over the last 12 years, emergency management officials said. More than half of those spaces were created through the construction of new public schools.

Statewide, 37 counties now have a surplus of shelter spaces for the general population and people with special needs, officials said. Those counties include Miami-Dade, Broward, Hillsborough, Palm Beach, Brevard and Orange counties, along with counties in Florida’s Panhandle.

Southwestern Florida continues to have a shortage of shelter spaces due to its vulnerability to storm surge, officials said.

Sitting behind child-drawn posters with the slogans “Be Safe” and “Get Ready,” Scott reminded residents that this year is the 20th anniversary of Hurricane Andrew making landfall as a Category 5 storm.

“Hurricane Andrew should be a reminder to all Floridians that preparing for hurricane season is crucial,” Scott said.

Florida’s emergency management chief, Bryan Koon, said Monroe County, which encompasses the Keys island chain, is the most vulnerable county in both the state and the country.

The other members of the Florida Cabinet are Agriculture Commissioner Adam Putnam, Chief Financial Officer Jeff Atwater and Attorney General Pam Bondi.

 

 

 

 

 

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