Take-Out Companies
Overview
This page is provided by OIR for the purpose of giving Citizens Property Insurance Corporation (Citizens) policyholders and their agents the opportunity to review the financial status and coverage details of companies recently approved by OIR to remove policyholders as part of the Depopulation Program.
These companies, called "take-out companies," have all met or exceeded Florida's statutory requirements to obtain a Certificate of Authority from OIR in order to sell property insurance in the state. This information is provided to assist policyholders in making a well-informed decision on whether to accept or deny a take-out offer.
To assume policies from Citizens, private-market insurance companies must submit documentation to OIR to verify they meet OIR standards and have the financial resources and business plan in place to properly pay claims. If approved, OIR will issue a consent order indicating the number of policies eligible for removal, assumption date and any additional stipulations.
OIR encourages policyholders to talk to their agents, contact the take-out company or visit its website if they have questions. For more information about the take-out process, visit the Depopulation page on Citizens' website or contact the Citizens Customer Care Center at (888) 685-1555.