Florida Office of Insurance Regulation Offers Schedule F Glitch Fix for Eligible Reduced Collateral Reinsurers to Avoid Penalty
Jan 20, 2011
The Florida Office of Insurance Regulation (“OIR”) advised today, January 20, 2011, that certain National Association of Insurance Commissioners (“NAIC”) Annual Statement blanks, specifically Schedule F, do not take into account reduced collateral requirements for reinsurance ceded to eligible reinsurers under Florida law.
Until the NAIC revises Schedule F, the OIR outlines suggested steps in the attached letter that can be taken by ceding insurers reporting reduced collateral posted by eligible reinsurers in order to avoid a penalty that otherwise would result from the reporting process.
Should you have any questions or comments, please contact Colodny Fass.