OIR Approves New Application to Form a Domestic Property Reciprocal Insurer
~ Condo Owners Reciprocal Exchange enters Florida's insurance market following property and casualty insurance legislative reforms ~
TALLAHASSEE, Fla.- The Florida Office of Insurance Regulation (OIR) approved Condo Owners Reciprocal Exchange to form as a property and casualty reciprocal insurer in Florida. Today’s announcement marks the newest property and casualty insurer approved to operate in Florida following extensive legislative reforms implemented to promote continued market stabilization. As a result of these reforms, Florida is seeing additional opportunities in the market for insurers to sell insurance.
“OIR is pleased to see more companies, jobs and capital coming into Florida’s insurance market this year,” said Commissioner Michael Yaworsky. “This announcement is further indication that the reforms are having the intended impacts on our market and further expanding the choices for consumers.”
Condo Owners Reciprocal Exchange is to be a Florida-based, domestic property and casualty insurer and applied to receive its permit and subsequent Certificate of Authority pursuant to Section 629, Florida Statutes.
OIR encourages companies to learn more about how to become authorized to sell insurance in Florida. Applications are accepted on a rolling basis and OIR strives to conclude the review process of all complete applications within 60 days of being submitted. More information is available on OIR’s company admissions page.
A full list of new entities approved to enter the Florida insurance market is available on OIR’s website here.
In addition to new market entrants, OIR is seeing greater participation and interest in the Citizens Depopulation program. OIR has approved insurers to assume 650,399 policies from Citizens Property Insurance Corporation (Citizens) during 2023, a more than 800 percent increase from the previous year. One participating company announced 70 percent of the policies it assumed as of November 21, 2023, would see savings over the Citizens renewal offer. OIR encourages insurers to learn more about the Citizens Depopulation program and apply if interested. Takeout, or depopulation, is the program created by the Florida Legislature that was developed to reduce the number of Citizens’ insured properties and exposure.
For more information about the takeout process, visit the Depopulation page on Citizens’ website or contact the Citizens Customer Care Center at (888) 685-1555. The requirements for requesting approval to participate in the takeout process is available here. The deadlines for companies to submit a request for approval to participate is available here.
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on Twitter @FLOIR_comm.
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