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The proposal comes as part of the OECD’s framework for taxing global corporations. -
The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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Clear Blue has successfully moved active programs to either new reinsurers or the reinsurers on its existing panels have taken higher percentages, the agency said.
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The office also said it has approved the assumption of 650,399 policies from Florida Citizens so far this year, a more than 800% increase from the previous year.
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The probe determined that Syed Baghdadi and Gator falsified information and misappropriated premiums, leaving multiple customers uncovered.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The move follows a “considerable decline in the group’s key balance sheet strength metrics” through the end of September, the ratings agency said in a statement Friday.
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The government funding bill signed by Biden on November 16 contains provisions extending National Flood Insurance Program to February 2, 2024.
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Missouri-based Cameron Mutual and Arkansas-based United Home Insurance Company were placed into court-ordered liquidation this week after struggling to pay claims from severe convective storms.
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The bill would spur development of a crop insurance policy to cover losses caused by cold exposure and freezes.
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The move reflects years of weak profitability caused by high cost inflation and cat losses.
