Deadlines for July 2013 Florida Citizens Property Insurance Policy Assumption are March 29 (Personal) and April 1 (Commercial)
Mar 5, 2013
Florida’s Citizens Property Insurance Corporation has advised that insurers interested in participating in its upcoming July 2013 policy assumption must submit a formal filing to the Florida Office of Insurance Regulation (“OIR”) by March 29 for the Personal Lines Account and April 1 for the Commercial Lines Account.
The OIR contact for information on this matter is:
David Altmaier, Financial Examiner/Analyst Supervisor
Telephone: (850) 413-3849
Email: David.Altmaier@floir.com
The filing must contain the following:
1. Depopulation Plan:
- The number of policies to be assumed;
- Whether policies are from the high-risk multi-peril account, personal lines account or commercial residential account and the percentage to be assumed from each account;
- The type(s) of policies to be assumed (homeowners, dwelling, etc.);
- The company’s underwriting criteria; and,
- An assumption schedule.
2. Two catastrophe models
3. Reinsurance chart which reflects reinsurance to the 100-year Probable Maximum Loss
4. Cover notes or reinsurance agreements
5. Name of the insurer’s reinsurance broker
6. Top reinsurers the insurer plans to use
7. Updated quarterly financial projections for the current year, which reflect the policies to be assumed (please use the Uniform Certificate of Authority Application (UCAA) Proforma Financial Statement format)
8. A breakdown, by county, of the policies to be assumed.
9. For commercial residential requests, companies must provide a summary of management’s experience in this line of business.
10. Any additional information the OIR may determine is needed to review the company’s request.
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