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If requested by interested parties, the Florida Office of Insurance Regulation (OIR) will hold a workshop to discuss a proposed rule relating to life and health reinsurance collateral requirements. The Office of Insurance Regulation may allow ceding insurers to take credit for reinsurance with unauthorized reinsurers that do not fully collateralize their programs as long […]
The member states of NIMA, the Non-Admitted Insurance Multi-State Agreement, approved a Premium Tax Clearinghouse services agreement and license agreement, through which NIMA, Inc. contracted with the Florida Surplus Lines Service Office (“FSLSO”) to act as its central clearinghouse for the collection and allocation of surplus lines premium tax payments for multi-state surplus lines policies. […]
A proposal to reduce the size of the Florida Hurricane Catastrophe Fund (FHCF) remains under consideration in the Florida Senate in the form of SB 1372. A similar proposal exists in the House of Representatives but has not advanced thus far in the 2012 legislative session. This proposal, which has been termed the FHCF “right-sizing” […]
The Insurance & Banking Subcommittee of the Florida House of Representatives is scheduled to hold a workshop today to consider proposals for shrinking the Florida Hurricane Catastrophe Fund. Jack Nicholson of the FHCF has advanced a proposal that will reduce the size of the FHCF, increase the industry’s retention, and increase the cost of FHCF […]
Florida Hurricane Catastrophe Fund, Insurance Regulation News, Florida Legislature, reinsurance, Citizens Property Insurance Corporation
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 […]
Insurance Regulation News, reinsurance, Office of Insurance Regulation
