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Insurer seeks 10 percent premium increase on home policies in Florida

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Heritage Property & Casualty Insurance Co. has requested premium increases averaging nearly 10 percent on most Florida policy renewals effective on Dec. 1. The new rates would cover the approximately 68,200 homes and condo policies Heritage acquired last year from Citizens Property Insurance Corp. Citizens, the state-run insurer of last resort in Florida, is pursuing a policy of “depopulation” — encouraging policyholders to shift to the private insurance market. Heritage acquired some 75 percent of its Florida policies from Citizens,…

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No-fault insurance reforms appear to be lowering costs

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Legislation targeting auto insurance fraud has produced savings on personal-injury claims of 17. 5 percent, and reduced premiums by a little more than 15 percent. Claim frequency and severity were reduced, too — by 10.2 percent and nearly 11 percent, respectively, producing a reduction in total loss costs of 20 percent. That compared to an increase in average loss costs of more than 4 percent elsewhere in the United States, according to an analysis conducted for the Florida Office of…

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NFIB/Florida joins groups opposed to workers’ comp hike

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The National Federation of Independent Business/Florida is adding its voice to the business groups decrying a proposed 17 percent hike in the cost of workers’ compensation insurance to employers. The rate increase “is a $623 million tax on workers in Florida that will go primarily to workers’ compensation attorneys,” NFIB/Florida Executive Director Bill Herrle said in a statement. “For the sake of Florida’s small businesses and the millions they employ, this cannot stand,” he added. “The filing is the tip of the…

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Business lobby blasts workers’ comp rate hike

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The state’s business groups are saying “we told you so” over the cost of workers’ compensation insurance. The National Council on Compensation Insurance (NCCI) has asked the state to consider a 17 percent rate hike in the cost of workers’ comp to employers. Workers’ comp is mandated by states to pay workers who get hurt on the job. The council submitted its filing to the Office of Insurance Regulation on Friday. If approved, it would take effect Aug. 1. That would collectively cost Florida businesses roughly $623 million and make the Sunshine…

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Geraldine Thompson: Profits ahead of patients spells trouble for Floridians

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As a longtime community advocate and state legislator in Orlando, I work every day to make sure that consumers in Florida have access to quality, affordable health care. The recent approved mergers of Aetna with Humana and Anthem with Cigna pose great challenges for Florida consumers. While the idea of mergers to create bigger companies may seem like a good idea – the results can be disastrous. As citizens, we must demand that mergers like these are held up to…

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The million dollar Insurance Commissioner question

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About a month ago, when FloridaPolitics.com offered “The Good, the Bad and the Interesting” of the applicants for the next Insurance Commissioner, we highlighted the legal requirements for the job. They’re high … on purpose. HB 3, passed in Special Session E in 2002, implemented a 1998 constitutional amendment that merged the jobs of Comptroller and Treasurer into the Chief Financial Officer position, shrinking the number of statewide elected officials serving on the Cabinet. The Offices of Financial Regulation and…

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Sine die and deadline to apply for Insurance Commissioner job both Friday

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March 11 is not only the final day of the 2016 Legislative Session, but it’s also the last day to apply for state Insurance Commissioner. As of Friday morning, 47 people had applied for the position, but none were “marquee” names. For instance, former state Rep. Tom Grady previously told FloridaPolitics.com he wasn’t interested in the job. He and others were rumored to be on Gov. Rick Scott‘s short list.  The Naples Republican is a friend of Scott and a former Commissioner of…

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