Two insurer groups have told Florida regulators they oppose a proposed rule that would eliminate the collateral required of foreign reinsurers, saying it would be harmful to the fiscal strength of primary carriers.
The comments from the Indianapolis-based National Association of Mutual Insurance Companies and American Insurance Association in Washington have been sent to the Florida Office of Insurance Regulation.
OIR spokesman Ed Domansky said a half dozen comments on the rule have also come in from U.S. and foreign reinsurers from Bermuda and London as well as primary insurers. Foreign reinsurers generally offered support, but suggested some revisions, he said.
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