September 18, 1992
Circular Letter No. 15 (1992)
TO: ALL NEW YORK LICENSED AND ACCREDITED PROPERTY AND CASUALTY INSURERS AND REINSURERS
RE: EXPOSURE TO HURRICANE ANDREW AND INIKI LOSSES
In consideration of this Department's regulatory concerns and in recognition of the potential serious impact that the subject storms may have on those insurers doing a direct business in Florida, Louisiana and Hawaii, this Department wishes to assess the possible effect upon insurers licensed to do an insurance business in this State and those that have been recognized as accredited reinsurers by New York.
Accordingly, upon the Company's receipt of this letter, kindly provide this Department with your timely response by way of management's statement of its assessment of the impact upon the resources and surplus to policyholders of the Company and any problem that management anticipates in meeting its policy obligations arising out of the subject storms. The statement should include the estimated amount of storm losses incurred.
Kindly direct your response to:
Mr. Vincent Laurenzano
Assistant Deputy Superintendent and Chief Examiner
New York State Insurance Department
160 West Broadway
New York, NY 10013
Very truly yours,
SALVATORE R. CURIALE
SUPERINTENDENT OF INSURANCE