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21 May 2012

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Florida CFO and insurance commissioner clash over cat reinsurance requirements

7 May 2010

Florida CFO Alex Sink has clashed with the state's Office of Insurance Regulation (OIR) commissioner Kevin McCarty, as she questioned the regulator's decision to remove requirements for property insurers to maintain a specific level of cat reinsurance.

In a 23 April letter to McCarty, copying in state governor Charlie Crist, Sink highlighted an OIR memo stating that it no longer requires Florida insurers to buy a set minimum ceiling of cover, such as the one-in-100 year probable maximum loss (PML)...

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