Florida Office of Insurance Regulation Urges Insurers to Carefully Analyze Their Reinsurance and Risk Transfer Programs
Apr 12, 2010
In an Informational Bulletin issued today, April 12, 2010, the Florida Office of Insurance Regulation (“OIR”) urged property insurers to carefully analyze their reinsurance and risk transfer programs.
The OIR noted that, while it is not requiring the purchase of any specific level of catastrophe reinsurance, such as the 1-in-100 year probable maximum loss level, it will evaluate the entire spectrum of catastrophe risk for each insurer, while recognizing the equal importance of protecting insurer surplus from multiple storms of a smaller magnitude.
A copy of the bulletin, OIR-10-01M, is attached for review.
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