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Old Republic International Corporation Message Board

  • paidbasher38291 paidbasher38291 Feb 4, 2011 11:57 AM Flag

    Does ORI Have a Waiver From Missouri?

    according to PMI's Q3 10Q, they got a waiver from Missouri to write up to 27:1 risk-capital, the important points being a) pmi went out and actively got a waiver before they hit that limit, so they must have been concerned about their ability to write new business in Missouri if they breached 25:1, and b) at ORI's current risk-capital, they would breach even that waiver, so the question is, did ORI get a waiver for Missouri that allows them to write business at 28:1, or are they illegally insuring Missouri-based borrowers????

    Prior to our capital contribution to MIC, the Illinois Department of Insurance (the “Illinois Department”) and the Missouri Department of Insurance, Financial Institutions and Professional Registration (the “Missouri Department”) had each granted MIC temporary waivers from their respective minimum policyholders’ position or risk-to-capital ratio requirements. The waiver granted by the Missouri Department is contingent upon MIC’s risk-to-capital ratio not exceeding 27 to 1

19.21+0.20(+1.05%)Aug 29 4:02 PMEDT