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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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Only 2 applicants clear Insurance Commissioner pre-screening

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Only two of the 25 applicants aiming to replace outgoing Insurance Commissioner Kevin McCarty answered ‘yes’ to the state’s two pre-screening qualifying questions as of Monday. Kirk Schmidt, of Jefferson City, Missouri, is president and CFO of an insurance company after having been Chief Financial Examiner for the Missouri Department of Insurance, he said in his application. And Jeffrey Bragg, of Palm Harbor, retired from the U.S. Department of Treasury in 2014 after serving as head of its Terrorism Risk Insurance Program. He also…

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Report: Governor’s Office eyeing Bill Hager, Tom Grady for insurance commissioner

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Outgoing Florida Insurance Commissioner Kevin McCarty may have just turned in his resignation, but Gov. Rick Scott already is leaning toward his replacement: Tom Grady, former interim president of Citizens Property Insurance Corp. Sources inside the Governor’s Office told FloridaPolitics.com that Grady, a friend of Scott’s and a fellow resident of Naples, is at the top of the list. He was a one-term member of the Florida House of Representatives in 2008-10 before a stint as  Commissioner of Financial Regulation, the…

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Report: Kevin McCarty in the running for NAIC top post

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Outgoing Florida Insurance Commissioner Kevin McCarty “is vying to become the next head” of the National Association of Insurance Commissioners, according to a Wednesday news report. SNL Financial, relying on unidentified sources, reported on its website that McCarty “spent recent weeks discussing his potential candidacy with several other insurance commissioners … and is now confident that he has enough support for a serious run at leading the NAIC.” The organization, of which McCarty was once president, “is the U.S. standard-setting and regulatory support organization created…

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Florida Office of Insurance Regulation says flood rates in Florida may be unfair

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The Florida Office of Insurance Regulation has responded to state Sen. Jeff Brandes’ request to study the methods used to determine National Flood Insurance Program policy rates. The office agrees that with the limited information available to regulators, the rates may be “unfairly discriminatory.” According to a letter from OIR commissioner Kevin McCarty, his NFIP experience suggests the flood loss ratio from 1978 until 2012 was just 28.3 percent. “This is not an alarming loss ratio, and does not seem to…

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Personnel note: Caitlin Murray named government affairs director for Office of Insurance Regulation

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Caitlin Murray has been tapped as director of government affairs for the Florida Office of Insurance Regulation. Murray, named one of the “30 under 30″ rising stars in Florida politics by SaintPetersBlog, began her new role effective Monday. According to OIR Commissioner Kevin McCarty, Murray will handle oversight of the agency’s government affairs initiatives in both the Legislature and Cabinet. “I am excited to join the Office and honored to work with Commissioner McCarty,” Murray said. “I look forward to…

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Molina Healthcare points to acquisitions, accounting practices for its impaired net worth

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A managed-care plan that fell below statutory surplus requirements is citing, among other things, acquisitions and state reporting requirements for the dip in net worth. The Office of Insurance Regulation entered into a consent order (see below) with Molina Healthcare of Florida on May 15. The consent orders allow the Florida plan to continue to accept new enrollment and requires the parent company to assure its financial stability. Leigh Woodward of Molina Healthcare of Florida attributed the company’s impaired net worth for…

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