Substantial Changes to Florida’s Reinsurance Collateral Rules Effective Today, July 28, 2015

Above:  Colodny Fass’ Claude Mueller Notes Substantial Changes to Florida’s Reinsurance Collateral Rules Became Effective Today

Substantial amendments to Rules 69O-144.005, entitled “Credit for Reinsurance” and 69O-144.007, “Credit for Reinsurance From Eligible Reinsurers,” became effective today, July 28, 2015, as adopted by the Florida Office of Insurance Regulation.  The Rules conform Florida’s Insurance Code to the National Association of Insurance Commissioners’ corresponding models for accreditation purposes. 

The changes are intended to provide consistency among regulatory jurisdictions as to the manner in which reinsurers are granted the status of “certified reinsurer” (currently termed “eligible reinsurer” in the Rules) and the manner in which Florida domestic insurance companies can apply credit for reinsurance from these entities.

To read a list of changes made to the Rules, click here.

Should you have any questions or comments, please contact Claude Mueller at cmueller@ColodnyFass.com or +1 850 701 3112.

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