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The Florida Office of Insurance Regulation says changes passed by the Fla. Legislature have attracted new insurers and removed 280K policies from Fla.-owned Citizens.<\/span><\/span><\/p>\n<\/div>\n TALLAHASSEE, Fla. \u2013 The Florida Office of Insurance Regulation (OIR) approved Mainsail Insurance Company, a Texas-based property and casualty insurer \u2013 the second company to be approved to become an authorized property and casualty domestic insurer following the passage of a property insurance bill by the Florida Legislature this year, HB 837<\/a>.<\/span><\/span><\/p>\n Mainsail joins Tailrow which, OIR approved in April. OIR continues to accept and review \u2013 and even encourage \u2013 new insurer applications and says it will announce new entrants on a rolling basis.<\/span><\/span><\/p>\n \u201cThe addition of Mainsail Insurance Company to the Florida market is evidence that recent legislative reforms are having a positive impact for consumers,\u201d says Insurance Commissioner Michael Yaworsky.<\/span><\/span><\/p>\n In addition to new market entrants, OIR is seeing greater participation and interest in the Citizens Depopulation program<\/a>. This year, OIR has approved insurers to assume 280,000 policies from Citizens Property Insurance Corporation (Citizens) through October 2023. Takeout, or depopulation, is the program created by the Florida Legislature to reduce the number of Citizens\u2019 insured properties and state taxpayer exposure.<\/span><\/span><\/p>\n In noting shifts in Florida\u2019s insurance market, OIR cites recent legislative changes \u201cdesigned to promote market stability,\u201d including SB 2-A<\/a> and SB 2-D<\/a>. As a result of these reforms, OIR says, there are additional opportunities in the market for insurers in the state of Florida.<\/span><\/span><\/p>\n \u00a9 2023 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n <\/p>\n <\/p>\n\n