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It is hoped the Golden State will be able to have the policy in place from the start of next year, The Insurance Insider understands.
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A lapse in the NFIP would prevent consumers from renewing or purchasing new flood insurance policies -
The law was approved by the Florida legislature in late April.
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The legislation follows several years of efforts to pass assignment of benefits reform into law.
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The Puerto Rican carrier pegs the claims it is fighting to recoup from reinsurers at $56mn.
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Arch Capital backed hedge fund carrier’s outlook graded “stable”.
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The jurisdiction remains on the grey list, pending work on collective investment funds.
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Insurance Capital Standard Version 2.0 is expected to be completed by November 2019.
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The firm has announced a first-quarter net loss of $37mn bringing common equity down to just $120mn.
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The ratings agency has urged ILS fund managers and reinsurers to improve their levels of pricing differentiation.
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The Bermuda group’s underwriting loss expands more than ninefold to $42.6mn.
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An appeal court sides with the state insurance regulator over a 2015 sanction.
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