Insurance Regulation

Last week, the American Property Casualty Insurance Association (APCIA) hosted its annual meeting in Orlando, Florida.

The guidance was set to take effect on June 1 and would have required mortgagors to acquire replacement cost value coverage for their property, including roofs, deeming actual cash value unacceptable.

AM Best downgraded 32 property & casualty companies’ credit ratings in the first half of 2023, including 21 personal lines insurers.