License a bunch of companies with little money in the bank and highly leveraged with reinsurance and then make sure the companies don’t put any money in the bank in Florida, either. It’s time for these Florida people to come back to earth and worry about solvency regulation. If another Poe happens, somebody in state government should be held criminally liable.
How do they know they are financially sound? Just because they have an A rating who knows their exposure to exotic SIV’s. The major companies like Swiss Re has already disclosed their problem, but what about the 2nd and 3rd tier Bermuda companies?
“Highly rated and financially sound” does not necessarily equate to prompt claims settlement. These FL politicians are living in lala-land and keeping building atop a house-of-cards. I would prefer to have access to a L/C and/or trust account any day over this, especially when the next cat hits. The FOIR would have to deal with plenty of insolvency issues at which point.
Additionally, I believe the reinsurers are going to price the risks adequately and don’t foresee a price-war brewing as a result.
I wish the insurors would arbitrate for rates rather than drop policies and if dem Crist threatens to examine thousands of docs remind him of what’s happened in mississippi and bring suit against him for harassment
I don’t have any answers but as a Florida resident I would simply like to be able to pay less than 10% of what I take home each year to insure my home and I have it better than a lot of others I know. If this plan might help I say check it out…heck check everything out!
License a bunch of companies with little money in the bank and highly leveraged with reinsurance and then make sure the companies don’t put any money in the bank in Florida, either. It’s time for these Florida people to come back to earth and worry about solvency regulation. If another Poe happens, somebody in state government should be held criminally liable.
I agree with Buck.
That is stupid
How do they know they are financially sound? Just because they have an A rating who knows their exposure to exotic SIV’s. The major companies like Swiss Re has already disclosed their problem, but what about the 2nd and 3rd tier Bermuda companies?
“Highly rated and financially sound” does not necessarily equate to prompt claims settlement. These FL politicians are living in lala-land and keeping building atop a house-of-cards. I would prefer to have access to a L/C and/or trust account any day over this, especially when the next cat hits. The FOIR would have to deal with plenty of insolvency issues at which point.
Additionally, I believe the reinsurers are going to price the risks adequately and don’t foresee a price-war brewing as a result.
I wish the insurors would arbitrate for rates rather than drop policies and if dem Crist threatens to examine thousands of docs remind him of what’s happened in mississippi and bring suit against him for harassment
I don’t have any answers but as a Florida resident I would simply like to be able to pay less than 10% of what I take home each year to insure my home and I have it better than a lot of others I know. If this plan might help I say check it out…heck check everything out!