To assume policies from Citizens, private-market insurance companies must submit documentation to the Office to verify that they meet Office standards and
have the financial resources and business plan in place to properly pay claims. If approved, the Office will issue a consent order indicating the number of
policies eligible for removal, assumption date and any additional stipulations.
Once a take-out company selects a policy for removal, it first must notify the policyholder's agent. Agents are not required to contact the policyholder
regarding the offer and are not permitted to opt out of an assumption on the policyholder’s behalf.
If the agent declines to work with a particular take-out company, the policyholder will not be assumed by that company. Citizens will send the policyholder
an Agent Decline Letter to inform
them about the take-out offer.
If the agent agrees to the assumption, the policyholder will receive an offer and Opt-Out Form from the take-out company at least 30-days before the
assumption date. Citizens will send a follow-up letter that explains the benefits of private-market coverage and reminds them that they have the choice
to accept the offer or stay with Citizens.
Policyholders selected for a take-out do not need to take any additional action to be assumed by the take-out company. If no opt-out action is taken,
the policyholder and their mortgage company will receive a Notice of Assumption and Nonrenewal and Certificate of Assumption verifying that their
policy has been assumed by the take-out company and that the take-out company will make a renewal offer before their current policy expires.
Policyholders who wish to remain with Citizens must take action to opt out of the assumption by returning the Opt-Out form provided with their take-out
offer to the extending take-out company. Policyholders have 30 days prior to and following an assumption to complete the opt-out process. When the take-out
company receives the opt-out form, it will send the form to Citizens, which will mail the policyholder an
Opt Out Confirmation Letter.
For more information about the take-out process, including opt-out forms, and
take-out company contact information, visit the Depopulation
page on the Citizens website at www.citizensfla.com. You also can contact the Citizens Customer
Care Center at (888) 685-1555.