Tuesday, January 4, 2011

OIR approves 7th reinsurer under new collateral requirements

The Florida Office of Insurance Regulation (OIR) announced that it has approved Bermuda-based Renaissance Reinsurance Ltd. (Renaissance Re) for modified collateral requirements.

In 2007, Florida law was changed to authorize the OIR to establish lower collateral requirements for non-United States based reinsurers that are highly-rated and financially sound. The OIR has now approved seven reinsurance companies to operate in Florida under modified terms. The other approved companies are Hannover Ruckversicherung AG (Hannover Re), Hannover Re (Bermuda) Ltd., XL Re Ltd., Ace Tempest Reinsurance Ltd., Hiscox Insurance Company (Bermuda) Ltd., and Partner Reinsurance Company Ltd.

See the OIR's media release at http://www.floir.com/PressReleases/viewmediarelease.aspx?ID=3773

Perry Cone practices insurance, compliance and government law, and provides consulting to in-house counsel, from the Tallahassee office of GrayRobinson. He writes from his perspective as a former general counsel, legal executive, and leader in the Florida insurance industry.

Visit Perry's blog at tallyinslaw.com/

Legal Notice and Disclaimer

No comments: