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Posts Tagged ‘Florida

(Banking News) Banking regulators have told Bank of Florida Corp. that is has until April 17 to solve the capital shortfall at each of its three bank subsidiaries.

The Naples-based bank holding company (NASDAQ: BOFL) disclosed the Federal Deposit Insurance Corp?s enforcement order in a Securities and Exchange Commission filing on Thursday.

The prompt corrective action directive, issued on March 18, gave the company?s three subsidiaries, Read the rest of this entry »

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On Jan. 3, 2008, Russell Hurd waited for his daughter at Walt Disney World in Orlando. They were about to plan her dream theme-park wedding.

But Heather Hurd was killed on her way to the meeting. She was a passenger in her fiance’s car, which was stopped at a light when a trucker who was texting on his phone slammed into the vehicle and eight others. Heather and another woman were killed instantly, and six others were injured.

“We Read the rest of this entry »

TALLAHASSE, Fla., State Farm Florida dropped its plan to withdraw from the property insurance market in hurricane-prone Florida on Wednesday as part of a settlement with state regulators that includes an average 14.8 percent rate increase for homeowners and condominium owners.

The agreement also lets the insurer, which wants to reduce exposure to the greatest storm risks, not renew about 15 percent of its policies.

The deal resolves Read the rest of this entry »

TALLAHASSE, Fla., State Farm Florida dropped its plan to withdraw from the property insurance market in hurricane-prone Florida on Wednesday as part of a settlement with state regulators that includes an average 14.8 percent rate increase for homeowners and condominium owners.

The agreement also lets the insurer, which wants to reduce exposure to the greatest storm risks, not renew about 15 percent of its policies.

The deal resolves Read the rest of this entry »

TALLAHASSE, Fla. ? State Farm Florida dropped its plan to withdraw from the property insurance market in hurricane-prone Florida on Wednesday as part of a settlement with state regulators that includes an average 14.8 percent rate increase for homeowners and condominium owners.

The agreement also lets the insurer, which wants to reduce exposure to the greatest storm risks, not renew about 15 percent of its policies.

The deal resolves Read the rest of this entry »

TALLAHASSEE, Fla. (AP) — Florida insurance regulators are failing in their duties if they don’t make the state-backed Citizens Property Insurance Corp. raise property insurance rates by 10 percent across the board, a business group lobbyist said Tuesday.

Barney Bishop III, president of Associated Industries of Florida, said it’s ”astonishing” that the state-backed insurer would not increase rates on all policies by 10 percent.

Read the rest of this entry »

It was bad enough to learn earlier this summer that the overwhelming majority of $4.9 billion in new capital in Florida’s property insurance market ? a number trumpeted relentlessly by Gov. Charlie Crist ? had come from unregulated carriers. But here’s an even more shocking number: $277 million. That’s the paltry amount of capital provided by regulated companies that didn’t get a taxpayer handout to set up shop in the state.

State lawmakers Read the rest of this entry »