Florida Senate Approves more Insurance Regulation by the State

Avatar — Sat, 05 Apr 2008 15:11:10 +0000

Problems in the embattled State of Florida have allowed the passing of the Florida Senate of more measures to enact control in the insurance industry much to the disgust of insurers. The move was brought about by the controversial pullout of Allstate from the state even resorting to deliberately cancel policies without their owner’s knowledge with another provider following suit. The cascading effect had affected the home sales market so much that any buyers were swayed by the fact they could not get any insurance for their prospective property. The bill is hailed by homeowners and legislators alike but many insurance firms have expressed dismay for it hampers their competitive edge so to speak in the industry. The move is to prevent rescissions and foreclosures from happening without the state’s appointed body having mediated in a meeting that would aim to resolve the outstanding issues. This is aimed to control the already dire insurance situation in the state that has experienced a rash of foreclosures due to many homeowners not being able to settle their mortgages.

State to Federal Government – Let us keep on Handling Insurance Regulation

Avatar — Tue, 01 Apr 2008 15:09:41 +0000

The move to providing new regulation on the area of insurance regulation to avoid future problems such as the ones that are happening now are underway and making good progress. The only problem, the bickering in Congress is taking too long for it to make any difference at all and State governments are fed up. They have expressed their intent for Congress to give them control over the management and regulation of the insurance industry in their respective areas due to their intimate knowledge of the local scenario. The state-based regulatory regime has been in effect for over 100 years and has proven to be effective which crumbled only due to the financial crisis the sub-prime lending market initiated. They want to keep on regulating their own insurance industries locally without the federal government’s meddling which as they have seen, just takes too much time.

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Florida Senate Approves more Insurance Regulation by the State

State to Federal Government – Let us keep on Handling Insurance Regulation