Alert Edition April 2013

Greetings,

Welcome to the April 2013 edition of the FORC Alert. I hope you find the information useful. If you have any colleagues that may be interested in this publication, please forward it on. There is a link below this message allowing them to opt-in so they can receive these FORC Alerts automatically.

Best Regards,

David K. Liggett

Editor, FORC Alert

April 2013 Alert

Blurb

Category(s): Federal - 04/01/2013

9th Annual NFI Insurance Public Policy Summit

On March 20, 2013, we again partnered with Networks Financial Institute ("NFI") in presenting the 9th Annual Insurance Public Policy Summit in Washington, DC, titled “Navigating U.S. and International Cross Currents."  Participants included Congressional, NAIC and industry leaders, along with academics presenting new research.  NFI’s website (click here) has a summary of the Summit, along with access to the research papers.

Charles T. Richardson, Esq. - FAEGRE BAKER DANIELS LLP, (202) 312-7487 , crichardson@faegrebd.com

Category(s): Florida - 04/01/2013

Florida Commission on Hurricane Loss Projection Methodology Approves Corrected RMS Model

At its meeting on March 7, 2013, the Florida Commission on Hurricane Loss Projection Methodology voted to invalidate the RMS North Atlantic Hurricane Model, RiskLink 11.0.SP2 submission because of a minor error that affected loss costs.  The corrected version of the model was then adopted.

Fred E. Karlinsky, Esq. - GREENBERG TRAURIG LLP, (954) 768-8278 , karlinskyf@gtlaw.com

Category(s): Florida - 04/01/2013

Florida Office of Insurance Regulation Appeals Personal Injury Protection Law Injunction

The Florida Office of Insurance Regulation advised that it filed an appeal on March 21, 2013 in regard to Leon County Cir. Ct Case No.:  2013-0073-CA: Myers et al. v. McCarty in his Official Capacity. The litigation, which relates to statutory changes made by Florida’s enactment of HB 119 relating to Personal Injury Protection insurance, was brought late in 2012 by a group of Florida massage therapists and others in the health care community who are challenging the constitutionality of the new law.  To view the Notice of Appeal, click here.  To view the precipitating injunction order, click here.

Fred E. Karlinsky, Esq. - GREENBERG TRAURIG LLP, (954) 768-8278 , karlinskyf@gtlaw.com

Category(s): Florida - 04/01/2013

Florida's Citizens Property Insurance Reinstates Limited Coverages for Sinkhole, Mobile Homes, Builders' Risk

At its meeting on March 22, 2013, Florida's Citizens Property Insurance Corporation's Board of Governors approved a slate of coverage changes to benefit mobile homeowners, properties under construction and policyholders with previous sinkhole claims.  The approved changes will go into effect once the modifications are filed and approved by the Florida Office of Insurance Regulation.

Fred E. Karlinsky, Esq. - GREENBERG TRAURIG LLP, (954) 768-8278 , karlinskyf@gtlaw.com

Category(s): Florida - 04/01/2013

Notice of Correction Reveals Some Hurricane Shutters Under 2010 Florida Building Code Do Not Incorporate Former Testing Standards

A Notice of Correction issued February 28, 2013 to proposed Rule 61G20-3.015, F.A.C., "Equivalence of Standards," revealed that the current Florida Building Code does not incorporate the ASTM E 1996-05, a testing standard to which certain hurricane shutters/impact protective devices had formerly been compliant under the previous 2007 Code.

Richard J. Fidei, Esq. - GREENBERG TRAURIG LLP, (954) 768-8286 , fideir@gtlaw.com

Category(s): Florida - 04/01/2013

Secure Door Litigation Over Florida Windstorm Mitigation Discount Forms' Validity Continues

Litigation over the validity of forms used to afford windstorm mitigation discounts to Florida homeowners' insurance policyholders continued on March 15, 2013 with the Florida Office of Insurance Regulation's filing of an Initial Brief with the First District Court of Appeal, in which it is seeking review of the Final Order issued by the Florida Division of Administrative Hearings in Secure Enterprises, LLC v. Office of Insurance Regulation.

Richard J. Fidei, Esq. - GREENBERG TRAURIG LLP, (954) 768-8286 , fideir@gtlaw.com

Category(s): Georgia - 04/01/2013

Georgia Identifies Geographic Regions for Small Group and Individual Health Insurance

The Georgia Department of Insurance has released the permitted geographic rating areas for small group and individual health insurance policies.  Bulletin 13-EX-1 creates 16 separate rating areas within the state.  The rating areas are effective for all small group and individual policies issued with an effective date on or after January 1, 2014.  To view the Bulletin, click here.

Tony Roehl, Esq. - MORRIS, MANNING & MARTIN, LLP, (404) 495-8477 , troehl@mmmlaw.com

Category(s): Tennessee - 04/01/2013

General Assembly Passes Legislation Modifying Protected Cell Captive Requirements

Late last month, the Tennessee General Assembly sent Governor Haslam a bill that will make Tennessee a more attractive domicile of protected cell captive insurers.  Among the benefits of the bill (SB 141/HB 69), which the Governor is expected to sign, are (1) a reduction in the minimum capital and surplus required for licensure from $500,000 to $250,000 and (2) a specified range on aggregate premium taxes for a protected cell captive with more than 10 cells from a minimum of $10,000 to a maximum of $200,000, dependent upon the number of cells.

T. Stephen C. Taylor, Esq. - BASS, BERRY & SIMS, PLC, (615) 742-7758 , staylor@bassberry.com
Robins H. Ledyard, Esq. - BASS, BERRY & SIMS, PLC, (615) 742-6259 , rledyard@bassberry.com

Category(s): Tennessee - 04/01/2013

Governor Haslam Signs Books and Records Legislation into Law

Governor Bill Haslam has signed legislation deleting the longstanding statutory requirement that all original books and records of domestic insurers be physically located within the state of Tennessee.  The statutory change (Public Chapter No. 5) was proposed by the Tennessee Department of Commerce and Insurance for the dual benefits of decreasing compliance burdens on domestic insurers and facilitating redomestications.

T. Stephen C. Taylor, Esq. - BASS, BERRY & SIMS, PLC, (615) 742-7758 , staylor@bassberry.com
Robins H. Ledyard, Esq. - BASS, BERRY & SIMS, PLC, (615) 742-6259 , rledyard@bassberry.com

Category(s): Tennessee - 04/01/2013

Tennessee Department of Commerce and Insurance Lead Tax Analyst Retires

Mark Brothers, the senior official at the Tennessee Department of Commerce and Insurance responsible for analysis and review of premium tax returns, retired effective as of the end of March.  No successor to Mr. Brothers, a Tennessee state government official for more than three decades, has been announced.

T. Stephen C. Taylor, Esq. - BASS, BERRY & SIMS, PLC, (615) 742-7758 , staylor@bassberry.com
Robins H. Ledyard, Esq. - BASS, BERRY & SIMS, PLC, (615) 742-6259 , rledyard@bassberry.com

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