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THURSDAY DECEMBER 15, 2022
No Immediate Relief! Florida Senate Passes Property Insurance Overhaul during the GOP-led Legislature's second special session this year aimed at stabilizing the state's property insurance market. The state House is expected to give the measure final passage this week. Florida has struggled to control rising property insurance costs and hold onto insurers in a market where natural disasters weigh heavily on the cost of business. The session comes after Hurricane Ian smashed into the southwest coast in late September and caused an estimated $40 billion to $70 billion in insured losses. The bill, which builds on insurance legislation passed in May, is not expected to immediately lower rates for policyholders, which has drawn criticism from Democrats. Backers of the bill argue that it is meant to stabilize the market, which then could lower rates in the future. “As we look forward, and as these reforms take place and work their way through the ratemaking process, I absolutely believe it will drive their costs down,” said Republican state Sen. Jim Boyd, who sponsored the bill. “While it might not happen today, I absolutely believe we will have rate relief as we move forward in the future.” “Any action that does not address the instability and costs to the consumer and does not provide meaningful near-term relief for policyholders, I believe falls short of our goals.” said Democratic state Sen. Darryl Rouson
Homeowners in Florida are being crushed right now by the cost of housing and insurance costs are a major part of that and unfortunately, there is no immediate relief in sight. Average annual premiums have risen to more than $4,200 in Florida, which is triple the national average. About 12 percent of homeowners in the state don't have property insurance, compared to the national average of 5 percent, according to the Insurance Information Institute, a research organization funded by the insurance industry. The Florida Senate on Tuesday approved sweeping legislation that would overhaul the state's property insurance system, which has struggled due to insolvencies, high costs and major storms. The bill would create a $1 billion reinsurance fund, reduce litigation costs and compel some customers to leave a state-created insurer. It also would force insurers to respond more promptly to claims and increase state oversight of insurers' conduct following hurricanes. The Republican proposal was put forth
continues on B4 – No Immediate Relief
JAMAICA
The GraceKennedy (GK) Group was the proud winner of the Governor General's Award for Excellence at the Jamaica Stock Exchange (JSE) Best Practices Awards for 2021. The prestigious award honors the listed company which consistently upholds international best practices to be declared the overall winner of the annual JSE Best Practices Awards. GK also received the coveted award for 2004, 2018, and 2020. GK was also declared winner of the PSOJ/JSE Corporate Governance Award and
Annual Report Award for companies listed on the JSE Main Market; and was the first runner up and second runner up respectively in the Corporate Disclosure & Investor Relations and Website categories. The announcement of the awards was made during a ceremony at the Jamaica Pegasus in Kingston, Wednesday, December 7. Commenting on GK's win, CEO of the GK Group, Don Wehby said, “This amazing win has added meaning for us as we celebrate our 100th anniversary this year. Our aim has always been
excellence in corporate governance and as a global consumer group, we strive to achieve international best practice. This commitment is grounded in the core values established by GK's founders over 100 years ago – Honesty, Integrity and Trust. Congratulations to the entire GK team – our staff and directors – for all the work you consistently put in to ensure that we continue to live up to our solid reputation of being responsible corporate citizen. We are also so grateful for the unwavering support and confidence our business partners, shareholders
and customers place in our business. It's an honor to be recognized in this way by the Jamaica Stock Exchange.” GraceKennedy has received over 40 Best Practices Awards from the JSE since the awards program was established in 2004. The JSE Best Practices Awards promote best practice standards for companies listed on the Jamaica Stock Exchange. Each year awards are handed out to companies listed on the main and junior market of the Stock Exchange recognizing excellence in corporate governance.
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