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The holiday season always seems to pass too quickly. After an extended period of unwinding and spending time with families and friends, the new year always brings an abrupt end to this relaxed pace as we return to work, children return to school and we pick up where we left off. This will especially be […]
The Board of Governors of Citizens Property Insurance Corporation voted 5-3 to oppose legislation designed to reduce the size of the Florida Hurricane Catastrophe Fund. The FHCF is Citizens’ primary source of reinsurance. The FHCF has been promoting a plan to reduce its size through a combination of decreasing its maximum liability, increasing the co-participation requirement, and increasing […]
I recently recorded a podcast in the latest episode of A.M. Best’s Insurance Law Podcast, a series that examines timely and important legal issues affecting the insurance industry from an attorney’s point of view. In this episode, I discussed the pending proposal by the Florida Hurricane Catastrophe Fund to shrink its size and increase its costs over a […]
The Florida Hurricane Catastrophe Fund has released the October update of its fund balance. These projections take into account the FHCF’s cash on hand and its expected ability to issue bonds. For the current FHCF contract year, the FHCF has $18.4 billion in aggregate potential reimbursement obligations. However, the FHCF projects a $3.2 billion potential shortfall in […]
The Advisory Council of the Florida Hurricane Catastrophe Fund meets October 18, 2011, to consider the most recent analysis of the FHCF’s claims-paying capacity. The FHCF’s ability to reimburse participating insurers for covered losses consists of a combination of its cash on hand and its ability to issue bonds. By law, the State Board of […]
One of the most significant legislative proposals for the upcoming session in the residential property arena will be reducing the size of the FHCF. Jack Nicholson of the FHCF has said that while the FHCF currently projects that it could meet its mandatory obligations, worldwide financial conditions have reduced the margin for doing so to […]
Several months ago, the Florida Hurricane Catastrophe Fund (FHCF) released a proposal to gradually reduce the FHCF’s exposure to ensure it is able to meet its obligations to insurers. Jack Nicholson of the FHCF recently referred to moving from the current position in which the FHCF might meet its obligations, or hopes to meet its […]
Citizens Property Insurance Corporation Jim Malone created a buzz today when he suggested that Citizens’ risks should be privatized in some manner. Malone lamented that Citizens continues to grow as its rate levels remain subject to a glide path cap while the private market’s rate increase due to cost drivers in the market. So, can […]
As we have now reached the midpoint of the 2011 legislative, some of the key elements of this year’s property insurance legislation still differ in significant ways between the House and Senate versions. Property legislation tends to go down to the wire each year, and this year looks like it will be no exception. Some […]
The Florida Office of Insurance Regulation (OIR) has released its Annual Report of Aggregate Net Probable Maximum Losses, Financing Options and Potential Assessments. The report describes the potential impact of 50-year, 100-year and 250-year events on the Florida Hurricane Catastrophe Fund (FHCF) and Citizens Property Insurance Corporation (Citizens). Events ranging from a 50-year storm to […]
