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August 2013 Archives

NFIP reforms causing ripple effect in South Florida

The National Flood Insurance Program is a program managed by the Federal Emergency Management Agency, and Congress made some changes in 2012 that are prompting a big reaction in South Florida. Properties that are mortgaged and fall in a flood zone require flood insurance, and in Miami, that means a lot of people pay these premiums. In fact, 37 percent of all flood insurance policies cover properties in Florida, and 47,362 of those properties can be found in Miami-Dade County.

FIO, Part 4: Insurers wait, consumers wonder

We are wrapping up our discussion of the responsibilities, accountabilities and jurisdiction of the Federal Insurance Office. The FIO was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, and insurance companies are wondering what exactly to make of it.

Insurers await modernization report; consumers wonder what FIO is - 3

The insurance industry is one of the most highly regulated industries in the country. As a result, insurers did not warmly embrace the idea of the Federal Insurance Office, created under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The federal government had to make it clear that the FIO would not be another regulator and would have only limited powers to affect an insurance company's operations.

Insurers await modernization report; consumers wonder what FIO is - 2

We are discussing insurance regulation in the wake of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The federal government has traditionally not had a lot to do with the day-to-day operation of the insurance industry, thanks in part to the McCarran-Ferguson Act of 1945. But Dodd-Frank established something called the Federal Insurance Office, and insurance companies, state regulators and consumers alike are wondering what exactly the agency's role is.

Florida court says auto insurer must cover golf cart accident, p3

We are wrapping up our discussion of a recent Florida Court of Appeal decision. An auto insurance company had denied coverage to a man who had been injured in a golf cart accident. The insured was at fault, but he had been driving a modified golf cart, one that could exceed the average 20 mph maximum speed and, so, could be driven on public roads.