Mercury General Corp. has decided that it will be pulling out of the Florida homeowners insurance market. The announcement was made on Monday and the move comes as reports of a $19 million loss in that particular market in the fourth quarter. The insurer is already making preparations to inform some 8,000 policyholders that their policies will no longer be renewed. Florida law mandates that notices be sent 180 days in advance and the insurer will begin sending them in March. Mercury General blames their fourth quarter losses on the…
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Federal judge deems mandatory health insurance as unconstitutional
A federal judge in Florida has deemed the health care reform unconstitutional. U.S. District Judge, Roger Vinson, sided with 26 other states in a suit against the bill, arguing that the law violates people’s rights by mandating them to buy health insurance or face costly penalties. Federal attorneys claim that the state has no ground to determine whether the law is or is not unconstitutional. The case is likely to make it to the Supreme Court within the next few months. The provision at the heart of the debate is…
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