Georgia: Department Investigates Finite Reinsurance

Insurance Commissioner John Oxendine confirmed last week that his department has sent out more than 100 subpoenas to reinsurers and their subsidiaries asking for information related to their finite reinsurance transactions. The information is due back by May 13.

The week before, the Florida Office of Insurance Regulation announced that it had issued subpoenas to 17 reinsurers asking similar questions about their finite reinsurance transactions. The National Association of Insurance Commissioners is currently involved in deliberations on this issue as well.

Direct questions to NAMIC State Affairs Manager David Reddick.

Posted: Monday, May 02, 2005 12:00:00 AM. Modified: Monday, May 02, 2005 11:01:35 AM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.