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Industry association FAIR said a full reinsurance backstop should be provided. -
The Financial Reporting Council has found evidence where audits of insurers’ financial statements have not been rigorous enough.
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A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.
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The special legislative session to be held the week of May 23 is the last chance Florida insurers and reinsurers have this year for some desperately needed reform to the stricken homeowners’ market.
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Sources close to the industry are calling for litigation reform as a priority, while Florida Hurricane Catastrophe Fund expansion is also on the cards.
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The bill that will be discussed in the special session is expected to be available for senator perusal later this week or early next week to allow ample time to read and discuss.
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Replacement changes will be made by Q4 2022 after a warning from the DoJ.
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Aeolus must return the held collateral to Credit Suisse.
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ABIR is pushing back on behalf of the Bermuda cohort of companies, whose debt is significantly impacted.
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The Bank of England pledged to smooth the process for certain types of short-tail ILS businesses to give faster response times
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The regulatory body also underlined the need to manage risks and uncertainties relating to the war.
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The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
