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The Florida Office of Insurance Regulation (OIR) recently indicated it anticipates initiating rulemaking by November 1 with respect to the new closed claim reporting requirement in SB 76 (Chapter Law 2021-77). Adopted in the 2021 legislative session, SB 76 added a new subsection (11) to Section 624.424 governing insurers’ submissions of annual statements. The new […]
The Office of Insurance Regulation has issued a letter to insurers providing guidance on annual statement reporting for reinsurance contracts with reinsurers subject to reduced collateral requirements. The OIR has adopted an administrative rule allowing insurers to take credit for reinsurance with certain highly-rated reinsurers even when those reinsurers do not meet the full collateralization […]
