"OIR's greatest priority is ensuring consumers have access to insurance, especially during hurricane season; and because of the uncertainty with the status of Demotech's ratings, we've been forced to take extraordinary steps to protect millions of consumers," said Florida Insurance Commissioner David Altmaier. (Credit: pisaphotography/Shutterstock.com)
The Florida Office of Insurance Regulations (OIR) is setting up a temporary reinsurance arrangement through Citizens Property Insurance Corp.
The arrangement is being established to mitigate disruptions from potential Demotech rating downgrades, which could make impacted insurance companies fall short of rating requirements set by Fannie Mae and Freddie Mac.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
