January Deadlines Approaching for Insurers to Request Participation in April 2013 Citizens Property Insurance Personal and Commercial Residential Takeouts

Jan 4, 2013

 

Insurers wishing to participate in Citizens Property Insurance Corporation (“Citizens”) April 2013 policy takeouts must submit a request for approval to the Florida Office of Insurance Regulation (“OIR”) by January 4, 2013 for commercial residential assumptions and January 10 for personal residential assumptions.

The request for approval 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.  A reinsurance chart that 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.

 

To view a complete list of upcoming deadlines for assumptions through February 2014, click on the following hyperlinks:

 

Should you have any questions or comments, please contact Colodny Fass& Webb.

 

 

Personal Residential Assumption Deadlines

  • April 9, 2013 Assumption Deadline for an insurer to submit a request to the OIR – January 10, 2013
    • Citizens Deadline for OIR to issue an approval – February 7, 2013
  • May 7, 2013 Assumption Deadline for an insurer to submit a request to the OIR – February 7, 2013
    • Citizens Deadline for OIR to issue an approval – March 7, 2013
  • June 4, 2013 Assumption Deadline for an insurer to submit a request to the OIR – February 22, 2013
    • Citizens Deadline for OIR to issue an approval – March 22, 2013
  • July 9, 2013 Assumption Deadline for an insurer to submit a request to the OIR – March 29, 2013
    • Citizens Deadline for OIR to issue an approval – April 26, 2013
  • August 8, 2013 Assumption Deadline for an insurer to submit a request to the OIR – April 26, 2013
    • Citizens Deadline for OIR to issue an approval – May 24, 2013
  • September 10, 2013 Assumption Deadline for an insurer to submit a request to the OIR – May 30, 2013
    • Citizens Deadline for OIR to issue an approval – June 27, 2013
  • October 8, 2013 Assumption Deadline for an insurer to submit a request to the OIR – June 27, 2013
    • Citizens Deadline for OIR to issue an approval – July 25, 2013
  • November 5, 2013 Assumption Deadline for an insurer to submit a request to the OIR – July 26, 2013
    • Citizens Deadline for OIR to issue an approval – August 23, 2013
  • December 10, 2013 Assumption Deadline for an insurer to submit a request to the OIR – August 30, 2013
    • Citizens Deadline for OIR to issue an approval – September 27, 2013
  • January 7, 2014 Assumption Deadline for an insurer to submit a request to the OIR – September 27, 2013
    • Citizens Deadline for OIR to issue an approval – October 25, 2013
  • February 4, 2014 Assumption Deadline for an insurer to submit a request to the OIR – October 25, 2013
    • Citizens Deadline for OIR to issue an approval – November 22, 2013

 

Commercial Residential Assumption Deadlines

  • April 11, 2013 Assumption Deadline for an insurer to submit a request to the OIR – January 4, 2013
    • Citizens Deadline for OIR to issue an approval – February 8, 2013
  • May 9, 2013 Assumption Deadline for an insurer to submit a request to the OIR – February 8, 2013
    • Citizens Deadline for OIR to issue an approval – March 8, 2013
  • June 6, 2013 Assumption Deadline for an insurer to submit a request to the OIR – February 22, 2013
    • Citizens Deadline for OIR to issue an approval – March 22, 2013
  • July 11, 2013 Assumption Deadline for an insurer to submit a request to the OIR – April 1, 2013
    • Citizens Deadline for OIR to issue an approval – April 29, 2013
  • August 8, 2013 Assumption Deadline for an insurer to submit a request to the OIR – April 26, 2013
    • Citizens Deadline for OIR to issue an approval – May 24, 2013
  • September 12, 2013 Assumption Deadline for an insurer to submit a request to the OIR – May 31, 2013
    • Citizens Deadline for OIR to issue an approval – June 28, 2013
  • October 10, 2013 Assumption Deadline for an insurer to submit a request to the OIR – June 28, 2013
    • Citizens Deadline for OIR to issue an approval – July 26, 2013
  • November 7, 2013 Assumption Deadline for an insurer to submit a request to the OIR – July 28, 2013
    • Citizens Deadline for OIR to issue an approval – August 25, 2013
  • December 12, 2013 Assumption Deadline for an insurer to submit a request to the OIR – August 26, 2013
    • Citizens Deadline for OIR to issue an approval – September 23, 2013
  • January 9, 2014 Assumption Deadline for an insurer to submit a request to the OIR – October 4, 2013
    • Citizens Deadline for OIR to issue an approval – October 25, 2013
  • February 6, 2014 Assumption Deadline for an insurer to submit a request to the OIR – October 25, 2013
    • Citizens Deadline for OIR to issue an approval – November 22, 2013

 

 

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