Consent Order approving assumption of Citizens policies by Florida Peninsula Insurance Company
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This Consent Order governs FPIC's proposed assumption of up to 7,500 personal residential multi-peril policies from Citizens and sets terms, conditions, and regulatory requirements FPIC must follow when making takeout offers and assuming those policies in Florida.
No material clinical or coverage changes in this revision.
Assumption and Coverage Requirements
Assumption and post-assumption coverage requirements
Conditions FPIC must meet when assuming Citizens policies and providing subsequent coverage:
Codes and Statutory Thresholds
FPIC Actions, Restrictions, and Notifications
Limit takeout offers to ≤ 40% above estimated Citizens renewal
FPIC shall not make takeout offers to Citizens policyholders that are more than forty percent higher than the policyholder's estimated renewal premium with Citizens; FPIC must use rates approved by the Office or filed as use-and-file at time of Consent Order execution.
Maintain reinsurance and notify Office before termination
FPIC must maintain catastrophe reinsurance at levels acceptable to the Office and not less than evidenced in its proposal; notify the Office in writing 60 days prior to the effective date of any reinsurance termination; and comply with Section 624.610, Florida Statutes.
Participate in annual reinsurance examinations and implement corrective action
FPIC shall participate annually in any examination of its reinsurance program as requested by the Office and, if the Office identifies overexposure, may be required to take corrective action, which can include obtaining additional reinsurance or suspending writing additional business.
- Annual participation in reinsurance examinations as requested by the Office.
- Corrective actions may include obtaining additional reinsurance or suspending writing new business, at the Office's discretion.
Obtain or retain policy applications; no retroactive rate or coverage changes
Upon assumption, FPIC must obtain a new policy application from each policyholder or retain the Citizens application; if FPIC obtains a new application, it may not retroactively increase rates or decrease coverage based on information from the new application.
Defined Terms and Plan
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