PEOPLE may not be aware that there is an ongoing issue on the recent decision of the Insurance Commission to temporarily shelve the implementation of IC Circular 2022-34, dated July 14, 2022, correcting the minimum catastrophe insurance rates from 0.15 percent to 0.2 percent, supposedly to take effect from January 2023. This has been in turn spurred by a congressional inquiry into the reasons behind it.
This threw the industry into an unprecedented crisis relative to the renewal of their reinsurance treaties for the year. The detrimental effects of this temporary suspension, include but are not limited to:
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