State’s approach to windstorm insurance hurts consumers
windstorm insurance, property insurance, Insurance Regulation News, reinsurance, Office of Insurance Regulation, Citizens Property Insurance Corporation
News & Updates
reinsurance
Insurers cite another culprit: Reinsurers, who don’t agree
reinsurance, property insurance, Insurance Regulation News, hurricane season
Guest opinion: Federal insurance legislation will not benefit Floridians
property insurance, Insurance Regulation News, reinsurance, hurricane season, Citizens Property Insurance Corporation
OIR Offers Workshop on Life and Health Reinsurance Collateral Rule
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 […]
Florida Surplus Lines Service Office to Act as Clearinghouse for NIMA, Inc.
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. […]
The Foreseeable Consequences of SB 1372
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” […]
Insurance & Banking Subcommittee to Review FHCF Proposal
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 […]
Guest opinion: Reinsurance industry is crucial to Florida’s tropical storm and hurricane coverage
Insurance Regulation News, Florida Legislature, Florida Hurricane Catastrophe Fund, reinsurance, Citizens Property Insurance Corporation
Citizens Board Opposes Cat Fund Reduction
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 […]
Lloyd’s to operate in Florida as reinsurer
Insurance Regulation News, reinsurance, Office of Insurance Regulation