OIR Discusses New P&C Financial Oversight Requirements
At the OIR’s recent “Navigating the Changing Insurance Environment” conference, Director of Property & Casualty Financial Oversight David Altmaier highlighted several recent statutory revisions relating to the property and casualty insurance industry. First, Mr. Altmaier mentioned that the holding company registration statement will be due April 1. This is different than in recent years, when insures have filed their HCRS’s by March 1 with their annual statements.
The holding company registration statement will be due on the same day as the new enterprise risk report. Although Florida has not adopted Form F, Mr. Altmaier commented that property and casualty insurers should look to the model Form F, which has been adopted in other states, as a guide for satisfying the Florida requirement. He indicated that the OIR will “strongly encourage” insurers to use the Form F in preparing their April 1 submissions until such time as the OIR is able to pursue rulemaking to implement the new requirement.
Mr. Altmaier also discussed new provisions in SB 1308 relating to captive reinsurance. The OIR will require insurers to file information regarding the nature of captive reinsurance transactions and the assets of the captive reinsurer. The nature of the transaction will include the types of business ceded, the domicile of the captive reinsurer, the purpose of the reinsurance transaction, and similar information. Regarding the captive reinsurer’s assets, the insurer will be required to identify any differences between the types of assets the insurer would be required to maintain and the types of assets held by the captive.