Regulation/Legislation

The state-created reinsurance fund that is called the "backbone" of Florida's fragile property insurance market has returned to solid ground heading into the 2010 hurricane season.

Nobody wants to pay any more than they have to for anything and, unfortunately, Florida lawmakers have discovered they actually have the ability to manipulate and control the insurance industry and its rates.

Florida's personal and commercial residential property insurance market today consists mostly of small domestic insurers, Citizens Property Insurance Corp. and State Farm Florida Insurance Co.

With the European economy being rocked by fears that the Greek debt crisis will spread to other countries, the euro falling in value and the strength of the U.S. recovery uncertain, the European insurance industry recognizes it is navigating stormy seas.

The new coalition government leading the U.K. needs to act decisively to spur an economic recovery and must clarify any new approaches to regulation to facilitate a healthy and growing British insurance industry.

The European Commission voiced strong opposition to a proposal that would impose new taxes on insurance premiums ceded to foreign affiliates of domestic insurers.