OIR Releases Information on Citizens Take-Out Procedures
Feb 3, 2009
The Florida Office of Insurance Regulation (“OIR”) has advised that, beginning with the assumption scheduled for 2009, companies seeking to assume policies from Citizens Property Insurance Corporation (“Citizens”) must submit hurricane modeling information, as well as the company’s proposed 2009 reinsurance structure and estimated reinsurance costs in its proforma financial statements.
Please note in your assumptions the proforma financial statements contain estimated reinsurance costs for 2009.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
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