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  #31  
Old 08-12-2007, 04:35 PM
tommie frazier tommie frazier is offline
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i guess the folks in florida assumed that the primary companies had already purchased all of the cat cover they wanted before expanding the fund, as opposed to all they could afford. so now they buy some cheaply from the fund, and have all this money over to buy even more than in prior years and still fit within a budget for reinsurance. perhaps the *best* next logical fix would be for florida to limit cat reinsurance purchases to some level, or only allow credit for reinsurance costs up to what the fund provides. i think that would certainly fix things.
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  #32  
Old 08-13-2007, 05:17 AM
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Quote:
Originally Posted by JMO View Post
Quote:
Originally Posted by Morrison View Post
Subscription only newsletter. I'll post a snippet:

"The Florida Hurricane Catastrophe Fund (FHCF) assisted by its Financial Advisor, Raymond James, has evaluated the feasibility and economics of purchasing risk transfer products for the FHCF for the 2007 hurricane season and beyond..
And this person doesn't even appear in the Actuarial Directory of Memberships. Hmmmm..
You would prefer FL's resident Actuary to comment instead?
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Last edited by great3981; 08-13-2007 at 05:26 AM..
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  #33  
Old 08-13-2007, 08:30 AM
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Quote:
Originally Posted by great3981 View Post
You would prefer FL's resident Actuary to comment instead?
Maybe you should read my subsequent posts. Yes, I had made an incorrect assumption. On the other hand, I fixed it later. Just sayin'
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This. And everything else JMO wrote.
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  #34  
Old 08-13-2007, 09:52 AM
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Originally Posted by JMO View Post
Maybe you should read my subsequent posts. Yes, I had made an incorrect assumption. On the other hand, I fixed it later. Just sayin'
I hadn't seen that you fixed it, and hadn't realized your discovery about Raymond James either.

My joke was more in the linked part of my post.
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The wonderful thing about tiggers
Is tiggers are wonderful things!
Their tops are made out of rubber;
Their bottoms are made out of springs!
They're bouncy, trouncy, flouncy, pouncy,
Fun! Fun! Fun! Fun! Fun!
But the most wonderful thing about tiggers is
I'm the only one!

Diversions Wins!:
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  #35  
Old 08-13-2007, 10:15 AM
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Quote:
Originally Posted by tommie frazier View Post
i guess the folks in florida assumed that the primary companies had already purchased all of the cat cover they wanted before expanding the fund, as opposed to all they could afford. so now they buy some cheaply from the fund, and have all this money over to buy even more than in prior years and still fit within a budget for reinsurance. perhaps the *best* next logical fix would be for florida to limit cat reinsurance purchases to some level, or only allow credit for reinsurance costs up to what the fund provides. i think that would certainly fix things.
Well, I can only comment on my company, not everyone of them but this is WAY OFF for us.
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  #36  
Old 08-13-2007, 12:44 PM
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Quote:
Originally Posted by Alex Sink
Number One, maybe we need to take back that 12 billion bucks if it’s not paying off.
Gosh, this will reassure the private sector that they should lower their rates. It's not as if the $12 million could disappear at the stroke of a pen or anything.
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  #37  
Old 08-13-2007, 01:43 PM
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Originally Posted by IAm@Work.com View Post
Gosh, this will reassure the private sector that they should lower their rates. It's not as if the $12 billion could disappear at the stroke of a pen or anything.
IFYP

Which would the Florida legislature vote for?

1) Citizens lowers rates. Industry reinsures with Citizens, public buys Citizens. Citizens raises rates, industry goes broke.

-or-

2) Citizens lowers rates. Industry reinsures with Citizens, public buys Citizens. Storm hits, Citizens pays claims losses via new taxes.

Show me a govt official who'd vote for 2), and I'll show you a govt official who's at the end of the term limit (i.e., a lame duck).
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  #38  
Old 08-17-2007, 05:19 PM
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Not all FL legislators agree with Crist.
Quote:
The Property Bill: A Primer By Michael H. Adams, Editor

...The resulting 91-page bill swept through the insurance code with all the fury of a major storm that left insurance representatives stunned and some legislators in disbelief.
Representative Dennis Ross (R-Lakeland) said the bill was “as close to a socialist policy that we ever came to.” He was joined by Representative Don Brown (R-De Funiak Springs) who decried the changes to Citizens Property Insurance Corporation, which makes it certain the former residual market will be the state’s largest insurer. Speaking of the freeze of Citizens’ rates until January 1, 2009, Brown noted that the bill ensured that homeowners would be eventually face potentially crippling assessments. “A one-year rate freeze is playing Russian roulette and every year you continue the freeze you’re adding another bullet to the chamber,” he said.
...
“On property issues, the governor, once again, got everything he wanted, which takes the state one step closer to a financial disaster,” said William Stander, representing the Property Casualty Insurers Association of America. “There are serious consequences to this quick-fix approach to the state’s property insurance crisis. The larger Citizens becomes with rates that bear no relation to the risk, the greater the financial crisis that could occur when a major storm hits....”

“The Florida House and the Senate have been working very hard to bring relief to our homeowners, and I am grateful for their dedication,” said Crist . “The people have pleaded for relief, and the good men and women of the Florida Legislature have answered the call. This is the right thing to do.”

Here are the major highlights from the new property bill:
...
· The bill prohibits Citizens from implementing any rate increase until January 1, 2009. This extends for an additional year the current prohibition against a rate increase passed by lawmakers earlier this year. The rates in effect on December 31, 2006 shall remain in effect for 2007 and 2008 except for any rate change that results in a lower rate.

· Provides that if a new applicant to Citizens is offered coverage from an insurer at its approved rate, the applicant is not eligible for a Citizens policy unless the insurer’s premium is more than 15 percent greater than the premium for comparable Citizens coverage. The prior standard was 25 percent.
...
· Permits a policyholder whose coverage with Citizens has been assumed by another insurer to continue to be eligible for Citizens coverage through the end of the assumption period regardless of any offer of coverage by the insurer.
...
Prohibition on Florida-Only Pup Companies

· The bill prevents regulators from issuing a new certificate of authority for the transaction of residential property insurance to any insurer domiciled in Florida , which is a wholly owned subsidiary of an insurer authorized to do business in any other state. The provision takes effective on December 31, 2008.

· The bill also requires the rate filings of an insurer domiciled in Florida that is a wholly owned subsidiary of an insurer authorized to do business in any other state to include information relating to the profits of the parent company. The provision takes effect on December 31, 2008.
http://www.floridaunderwriter.com/cm...Capitol%20Line
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Last edited by JMO Fan; 08-17-2007 at 05:48 PM..
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  #39  
Old 08-17-2007, 05:39 PM
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[quote=JMO Fan;2269324]Not all FL legislators agree with Crist.
Quote:
The Property Bill: A Primer By Michael H. Adams, Editor

...The resulting 91-page bill swept through the insurance code with all the fury of a major storm that left insurance representatives stunned and some legislators in disbelief.
Representative Dennis Ross (R-Lakeland) said the bill was “as close to a socialist policy that we ever came to.” He was joined by Representative Don Brown (R-De Funiak Springs) who decried the changes to Citizens Property Insurance Corporation, which makes it certain the former residual market will be the state’s largest insurer. Speaking of the freeze of Citizens’ rates until January 1, 2009, Brown noted that the bill ensured that homeowners would be eventually face potentially crippling assessments. “A one-year rate freeze is playing Russian roulette and every year you continue the freeze you’re adding another bullet to the chamber,” he said.
...
“On property issues, the governor, once again, got everything he wanted, which takes the state one step closer to a financial disaster,” said William Stander, representing the Property Casualty Insurers Association of America. “There are serious consequences to this quick-fix approach to the state’s property insurance crisis. The larger Citizens becomes with rates that bear no relation to the risk, the greater the financial crisis that could occur when a major storm hits....”

“The Florida House and the Senate have been working very hard to bring relief to our homeowners, and I am grateful for their dedication,” said Crist . “The people have pleaded for relief, and the good men and women of the Florida Legislature have answered the call. This is the right thing to do.”

Here are the major highlights from the new property bill:
...
· The bill prohibits Citizens from implementing any rate increase until January 1, 2009. This extends for an additional year the current prohibition against a rate increase passed by lawmakers earlier this year. The rates in effect on December 31, 2006 shall remain in effect for 2007 and 2008 except for any rate change that results in a lower rate.

· Provides that if a new applicant to Citizens is offered coverage from an insurer at its approved rate, the applicant is not eligible for a Citizens policy unless the insurer’s premium is more than 15 percent greater than the premium for comparable Citizens coverage. The prior standard was 25 percent.
...
· Permits a policyholder whose coverage with Citizens has been assumed by another insurer to continue to be eligible for Citizens coverage through the end of the assumption period regardless of any offer of coverage by the insurer.
...
Prohibition on Florida-Only Pup Companies

· The bill prevents regulators from issuing a new certificate of authority for the transaction of residential property insurance to any insurer domiciled in Florida , which is a wholly owned subsidiary of an insurer authorized to do business in any other state. The provision takes effective on December 31, 2008.

· The bill also requires the rate filings of an insurer domiciled in Florida that is a wholly owned subsidiary of an insurer authorized to do business in any other state to include information relating to the profits of the parent company. The provision takes effect on December 31, 2008.
http://www.floridaunderwriter.com/cm...Capitol%20Line
Never ascribe to malice that which can be explained by stupidity? OK, this is an example of truly awesome stupidity.
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  #40  
Old 08-20-2007, 08:25 AM
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[quote=Brad Gile;2269419]
Quote:
Originally Posted by JMO Fan View Post
Not all FL legislators agree with Crist.

Never ascribe to malice that which can be explained by stupidity? OK, this is an example of truly awesome stupidity.
Add in a bit of greed and the result might as well be malice. Just sayin'
__________________
Carol Marler, "Just My Opinion"

Pluto is no longer a planet and I am no longer an actuary. Please take my opinions as non-actuarial.


My latest favorite quotes, updated Feb 15, 2018. Hmmm. It's been quite a while.

Spoiler:
I should keep these four permanently.
Quote:
Originally Posted by rekrap View Post
JMO is right
Quote:
Originally Posted by campbell View Post
I agree with JMO.
Quote:
Originally Posted by Westley View Post
And def agree w/ JMO.
Quote:
Originally Posted by MG View Post
This. And everything else JMO wrote.
And this all purpose permanent quote:
Quote:
Originally Posted by Dr T Non-Fan View Post
Yup, it is always someone else's fault.
MORE:
Quote:
Originally Posted by PeppermintPatty View Post
But sometimes you get someone who has that charming mix of "don't care" and "don't get it", and there's just not much you can do.
Quote:
Originally Posted by Bro View Post
I recommend you get perspective.
Quote:
Originally Posted by Enough Exams Already View Post
Dude, you can't fail a personality test. It just isn't that kind of test.
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