There were two big announcements out of Florida this week, one involving Allstate and one involving State Farm. I’ll tackle State Farm first since it is more complex and the most disingenuous.
Some background is in order for State Farm. When Florida created a state market for cheaper reinsurance it also mandated premium reductions for those who took advantage of the program. Two major insurers filed for rate increases after buying the state reinsurance, Allstate and State Farm. When Insurance Commissioner McCarty ordered rate hearings for the increases (rate hearings in Florida involve public sworn testimony including revealing the basis for the rate increases) State Farm backed down and instead reduced their homeowner premiums in accordance with the law.
As is their custom in states where they do not get their way including here in Mississippi Continue reading “Florida Again Dominates the Insurance Battle”
Welp folks this Cowboy don’t know what to make of ole Chaney. One day he campaign promisin‘ to make the insurance commissioner appointed then after he wins he says he wasn’t going to fight for that in the legislature since it was just his personal opinion. A couple weeks back he says rates is goin‘ up and now he says rates is goin‘ down. Maybe one of the others can make sense of this Sun Herald story for me. Continue reading “Insurance News You Can Use”
Newly elected Insurance Commissioner Mike Chaney announced Aegis Security Insurance Company will begin writing new policies in Mississippi.
We welcome the good news, Commissioner Chaney – and look forward to more.
Thanks to Mr CLS for the heads up to this Times Picayune story.
BATON ROUGE — Insurance Commissioner Jim Donelon fined Allstate $250,000 Wednesday and ordered the state’s second-largest insurer to reinstate the wind and hail coverage of several hundred customers whose policies were dropped in disregard of a key consumer-protection law.
It is the only fine that Louisiana has levied against a homeowners insurance company since Hurricane Katrina, and the fine is the maximum penalty allowed by state law. Continue reading “Breaking: Allstate Fined $250,000, Ordered to Reinstate Policies”
Saturday Night Live became Tuesday morning reality when State Farm attorney, the “honorable” Shelia L. Birnbaum, hit the wrong button and sent the media an email asking if Attorney General Jim Hood could be charged with Contempt of Court.
I bet you did Shelia – the panic button – when Hood’s office replied, “No, you can’t! Continue reading “Hello! Hello! Is this the party to whom I am speaking?”
Blogs are touted as the savior of democracy – a voice for the people, a place where our cherished freedom of speech enjoys the freedom of information.
…and, by the way, did I mention the bridge I’ve got for sale up in Brooklyn?
Blogs are in the information business – news you can use but news that can use you, too. Continue reading “Robin’ Hood of Support”
“The wise man listens to meaning; the fool only gets the noise.”
Poet C. P. Cavafy
“Favor distilled thinking, by which I mean the thinking based on information that is around us that is stripped of meaningless but diverting clutter. For the difference between noise and information has an analog: that between journalism and history.”
Nassim Nicholas Taleb in Fooled by Randomness Continue reading “Xavier University v. Travelers / Chehardy v. Allstate”
Here you go pardners, the private insurance industry doesn’t want our coastal wind business and they don’t want a federal solution ’cause it might cut into their profits from offshore reinsurance. So what do they do to keep the pressure on? They cancel you out like State Farm just did in Florida and New York. We got this from our friends in Florida at the Herald Tribune:
State Farm dumps 50,000 statewide Continue reading “State Farm Cancels 50,000 Florida Policies”
Welp pardners, this Cowboy just saw something that made me laugh hard. Ole David Dugas is havin’ hisself one heck of a hard time gettin’ that promotion to federal judge ’cause he was soft on crime – insurance crime that is. There is a lesson in this for ole Dunn Lampton too. Look here from our friends over Times Picayune way: Continue reading “A Price to Be Paid Boys…..”
There has been an advertisement run in the print editions of the Sun Herald on Gene Taylor conducting an Issues + Answers lecture sponsored by the University of Southern Mississippi Gulf Park Campus on Friday, February 29, 2008 at the Advanced Education Center auditorium.
Thanks to one of our readers, I was emailed a link to the University press release and I am happy to pass it along to all so interested. Considering the other recipients listed in the address header I am honored Ida thought enough of this blog to pass me the good word.
I will be in attendance and hope we pack the house on the 29th.