It was a short but informative visit last week paid to NU Editorial HQ here in Hoboken by Florida Insurance Commissioner Kevin McCarty, who laid out the reasons why his state is going its own way on reinsurance regulation, given its massive catastrophe exposure and the snail's pace of change at the national level.
(For full coverage of the Jan. 9 visit, click here.)
Mr. McCarty told NU that Florida would likely have a new reinsurance collateral law on the books by April, permitting foreign carriers in good standing to do business in the Sunshine State without having to post the equivalent of 100 percent of its potential liabilities–the standard trapped in the Byzantine model law alteration process at the National Association of Insurance Commissioners.
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