Consent Order: FPIC Assumption of Selected Citizens Policies
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Consent Order approving Florida Peninsula Insurance Company's (FPIC) assumption of up to 30,000 selected personal lines policies from Citizens Property Insurance Corporation, setting conditions for reinsurance, consumer disclosures, policy equivalence, and compliance monitoring that affect FPIC and the affected policyholders.
No material clinical or coverage changes in this revision.
Assumption Coverage Requirements
Assumption coverage criteria and conditions
Coverage equivalence and policy administration requirements upon assumption:
Approved Policy Counts
Required Provider / Insurer Actions
Include Office‑approved consumer disclosure in take‑out offers
FPIC shall not make offers to Citizens policyholders without including the consumer disclosure approved by the Office that discusses the differences between the FPIC policy being offered and the current Citizens policy.
Maintain Office‑acceptable catastrophe reinsurance and provide 60‑day termination notice
FPIC must maintain catastrophe reinsurance at levels acceptable to the Office (no less than evidenced in FPIC's proposal), notify the Office in writing 60 days prior to the effective date of any termination of reinsurance agreements, and comply with Section 624.610, Florida Statutes.
- Maintain catastrophe reinsurance at levels acceptable to the Office and not less than shown in the proposal.
- Provide written notification to the Office 60 days before the effective date of any reinsurance termination.
- Comply with the requirements of Section 624.610, Florida Statutes, for all reinsurance arrangements.
- Participate in annual examinations of FPIC's reinsurance program as requested by the Office and take corrective action (including obtaining additional reinsurance or suspending writing additional business) if overexposure is identified.
Referenced Plans and Definitions
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