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State senators will vote on the bill on the Senate floor tomorrow. -
Industry association FAIR said a full reinsurance backstop should be provided.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
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Replacement changes will be made by Q4 2022 after a warning from the DoJ.
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The department said that the changes appear to automatically lower the ratings of assets solely rated by S&P’s competitors.
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The lawmakers issued the letter on Wednesday to more than a dozen insurance companies, including AIG, Berkshire Hathaway Specialty Insurance and Chubb.
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