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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 […]
reinsurance, Citizens Property Insurance Corporation, Florida Hurricane Catastrophe Fund, Florida Legislature, Insurance Regulation News
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
reinsurance, Insurance Consumer Advocate, Insurance regulation new
OIR has issued an informational memo OIR-10-01M notifying property insurers of a modified approach to the OIR’s requirements for minimum reinsurance coverage for catastrophe reinsurance. The memo states: “This year the Office of Insurance Regulation (Office) will be looking at the totality of the catastrophe risk from multiple storms and ultimately the insurer’s ability to […]
