Insurance Law

Nevada Counter Sig Law Struck Down

Posted on April 18, 2008
This is an interesting case noted by Diane Polscer at the National Insurance Law Forum. The 9th Circuit struck down a state law requiring insurance contracts to be signed by an agent licensed and residing within the state. What is...

Intersesting Papers

Posted on April 17, 2008
RiskProf (all three of us were there) went to to Chicago earlier this week for a conference put on by the Northwestern Law School's Searle Center. Some interesting papers (in no order of importance) A Jurisdictional Competition Approach to Reforming....

FLA Assocciation for Justice on Doc Shortage: Make them Work

Posted on April 03, 2008
The president of the Florida Association for Justice is after the medical malpractice industry too. He asserts it is not the state's legal environment that is causing the problem. However, he notes that one reason why there is an emergency...

NRO on Crist

Posted on April 01, 2008
"He's No Jeb Bush," but I guess he might be a VP contender.

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Credit crunch hitting state storm insurance fund

Posted on April 01, 2008
Now everyone is questioning Florida's ability to pay claims. Link: Credit crunch hitting state storm insurance fund -- via MiamiHerald.com.

If Florida Has One, We Want One Too

Posted on April 01, 2008
California wants to get into the insurance business to compete against Warren Buffet. I was going to have a April Fool's Day Post about the dual surprise announcements that Florida Governor Crist stepping down to take over the Insurance Information...

Florida is Full of Good Ideas

Posted on March 31, 2008
According to the Miami Herald a law maker is thinking of taking reserves away from Citizens (the state owned insurer of last resort) to capitalize new insurers. Two things to note here. First, Citizens is still under capitalized in a...

A Really Big Grain of Salt ...

Posted on March 31, 2008
Christ Robinette points to this Concord Monitor (NH) op/ed by the president of the NH Association for Justice. The op ed says that insurers are to blame for med mal premiums --not lawyers. Prof. Robinette mentions the author might be...

Optional Federal Chartering for Lawyers

Posted on March 26, 2008
On the Spitzer, Scruggs, Weiss Trifecta .... What gets me, however, is the deafening silence out of Washington. When insurers step out of line--such as when bid-rigging and contingency fee abuse was exposed, or when thousands of policyholders were left...

Optional Federal Chartering for Lawyers

Posted on March 26, 2008
On the Spitzer, Scruggs, Weiss Trifecta .... What gets me, however, is the deafening silence out of Washington. When insurers step out of line--such as when bid-rigging and contingency fee abuse was exposed, or when thousands of policyholders were left...

What is so different about this year?

Posted on March 26, 2008
Gov. Crist came in last year guns ablazing at the evil black hat insures. The new sheriff kicked out those nasty insurers, took over the reinsurance business in Florida, and allowed the local social insurance company, Citizens, the price freedom...

What is so different about this year?

Posted on March 25, 2008
Gov. Crist came in last year guns ablazing at the evil black hat insures. The new sheriff kicked out those nasty insurers, took over the reinsurance business in Florida, and allowed the local social insurance company, Citizens, the price freedom...

Atlanta Tornado

Posted on March 22, 2008
I have been so busy with the day job, I forgot to mention that my office had been missed by last weekend's tornados by about a block and a half. Other faculty around here were not so lucky. Some dorms...

And you know, Mr. Hugo Chavez is a Libertarian

Posted on March 22, 2008
What is wrong with this picture? Florida Insurance Commissioner McCarty claims he is a conservative Republican. He must be the kind that believed in Smoot-Hawley and worsened the Great Depression. I am not a conservative Republican, so it is hard...

And you know, Mr. Hugo Chavez is a Libertarian

Posted on March 21, 2008
What is wrong with this picture? Florida Insurance Commissioner McCarty claims he is a conservative Republican. He must be the kind that believed in Smoot-Hawley and worsened the Great Depression. I am not a conservative Republican, so it is hard...

Atlanta Tornado

Posted on March 21, 2008
I have been so busy with the day job, I forgot to mention that my office had been missed by last weekend's tornados by about a block and a half. Other faculty around here were not so lucky. Some dorms...

Interesting items

Posted on March 10, 2008
Riskprof in the news (on Credit Scoring) Client No. 9 in the news (on Scoring)* * apologies for my tacky attempt at humor

Goergia has a Competative Insurance Market!

Posted on March 07, 2008
I haven't seen the bill yet, but it looks like the Georgia House and Senate passed a bill that deregulated the Auto insurance market. A novel modification to complete deregulation is that the mandatory minimum coverage is still subject to...

More on non-renews!

Posted on March 04, 2008
More policy owners are getting notices of non-renews. The focus of this Orlando Sentinel article is that the insurance companies are doing something wrong. However, no mention is made of the State of Florida's responsibility. It bears responsiblity for driving...

Florida's Proposed Hurricane Surcharges

Posted on March 01, 2008
? A 2.07 percent charge for one year to cover a portion of the 2007 deficit for Citizens' windstorm policies. ? A 1.4 percent emergency assessment charge to cover Citizens' remaining 2005 deficit; ends in 2017. ? A 1 percent surcharge to cover a 2005 deficit at the Florida Hurricane and Catastrophe Fund, which provides cheaper backup reinsurance for insurers operating in the state; ends in 2013...

The Life of a Former Insurance Commissioner

Posted on March 01, 2008
Charles Quackenbush, former CA Insurance commissioner who left office after allegations of official malfeasance,is now a Florida County sheriff's  deputy.  He shot a suspect who took his taser in a scuffle.  (LA Times Blogs) Other insurance commissioners go on to be governors or congressmen...

All that You wanted to Know About Cat Markets but were Afraid to Ask

Posted on February 29, 2008
Wharton, III and GSU have just released a study of CAT risks.  It is an amazing 400+ pages, so download it if you are a speed reader.  The executive summary is only 23 pages long.   

Another Look at Insurance Profits

Posted on February 29, 2008
Ted links to a CJ&D complaint that insurers are making profits.  It is hard to believe that we are talking about this.  Under our economic system profits are good thing.  Profit attracts capital, firms enter, and competition is enhanced...

We are back

Posted on February 28, 2008
Regular posting will resume tomorrow.  I just needed a sabbatical! Just in case you wanted to read something about insurance regulation, Bob Klein and I have a new report that came out this week on the effects of an optional federal charter on the state economies...

Backdating Conviction

Posted on January 17, 2008
The first conviction for the backdating of executive stock option grants was handed down yesterday to an executive from Brocade Communication Systems.  He recieved 21 months in prison and a $15 million fine.  Speaking to the judge before his sentencing the executive said,  “I’m sorry...

Best Sentence of the Day

Posted on January 10, 2008
Is it just me, or is this whole thing starting to resemble a runaway stage coach on fire, careening over rocks and through gullies, wheels flying off and folks jumping out, hoping to land on something softer than a cactus? from David Rossmiller on the comings and goings in the circus we are affectionately call the Katrina related litigation stagecoach.

Being a Good Samaritan is one thing, but ...

Posted on December 28, 2007
The 2005 hurricanes illustrated how many Americans are uninsured and underinsured for natural catastrophes and the federal government?s role in recovery from natural catastrophes. An analysis by HUD found that of the 192,820 owner-occupied homes with major or severe damage from Hurricanes Katrina, Rita, and Wilma, approximately 78,000, or about 41 percent, did not have any insurance or did not have enough insurance to cover the damage incurred...

It's a Hot Kitchen Moment

Posted on December 22, 2007
We need a word for when a public figure complains about something clearly non-libelous which is said in a blog.  David Rosmiller has recently taken the the Mississippi AG's office to task for some of its decisions regarding its lawsuit against State Farm and its dealings with people related to civil suits against the company...

Eh? Speak up you little wippersnapper ....

Posted on December 21, 2007
Link: califmedicineman.blogspot.com. Why Insurance Companies Don't Pay For Hearing Aids..As good an explanation about insurability as I have seen.  A similar rationale explains why dental insurance isn't a good deal. via H G Stern at Insureblog...

That's Canadian dollars too!

Posted on December 20, 2007
From: thelede.blogs.nytimes.com. Barbara Wellensiek knew her son?s insurance bill would be steep because of his driving record, but when the renewal notice arrived she was shocked to see the annual premium was $104,566.63. ?I thought it was a typo,? Wellensiek said today...

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