Applications For Citizens Takeouts

 

We have been advised by the Florida Office of Insurance Regulation (“OIR”) that all insurers who apply to participate in a Citizens Property Insurance Corporation (“Citizens”) takeout need to have their proposed rates and forms for the takeout filed at or before the time the takeout application is filed with the OIR.  This is to allow Product Review ample time to review and approve the proposed rates and forms in time to meet the Citizens imposed deadline for approving a takeout.  According to the OIR, Product Review will not expedite its review of a rate/form filing to satisfy these deadlines.

In essence, the company’s rates and forms have to be approved by the OIR on or before the date Citizens requires OIR approval of the takeout.  As such, it is imperative that insurers wishing to participate in a Citizens takeout submit their proposed rate and form filings to the OIR in sufficient time for it to review and approve the filings by the Citizens deadline.  Any delay in the rate/form filing may result in a takeout application not being approved.

 

 

 

 

Should you have any questions or comments regarding this information, please feel free to contact this office.