~ 184,000 policies requested for October assumption date and more than 91,000 policies have already been approved for takeout in 2023 ~
The Florida Office of Insurance Regulation (OIR) is sending this notice to all property and casualty insurers authorized to do business in Florida to remind them of upcoming deadlines for the Citizens Property Insurance Corporation (Citizens) Depopulation program.
Companies interested in participating in the Citizens Depopulation program must submit an application to OIR. Insurers interested in requesting policies for a November assumption must apply by July 28, 2023.
OIR is seeing greater participation and interest in the Citizens Depopulation program this year. For additional context, there are currently seven companies participating in the Citizens Depopulation program for 2023 and the number of policies being requested in the first half of 2023 is more than the total number of policies requested in 2022. In 2023, OIR has already approved 91,000 policies for takeout. OIR is anticipating continued growth in participation, with 184,000 policies requested for the October assumption date.
We encourage insurers to learn more about the Citizens Depopulation program and apply if interested. Additional information on the Citizens Depopulation program and application process is available below.
Citizens Depopulation Program Overview and Application Process
Takeout, or depopulation, is the program created by the Florida Legislature that was developed to reduce the number of Citizens’ insured properties and exposure. The program, created by section 627.351(6)(q), F.S., allows new and existing insurance companies to assume policies currently covered by Citizens in an attempt to transfer policies back to the private insurance market.
To assume policies from Citizens, private-market insurance companies must submit documentation to OIR verifying they meet OIR standards and have the financial resources and business plan in place to properly pay claims.
If approved, OIR will issue a consent order indicating the number of policies eligible for removal, the assumption date and any additional stipulations.
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.
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.