Florida Insurance Regulation Office Approves Application to Form as an Authorized Domestic Insurer, Increasing Options for Consumers in Florida's Property and Casualty Insurance Market

TALLAHASSEE, Florida, April 19 -- The Florida Office of Insurance Regulation issued the following news release:

The Florida Office of Insurance Regulation (OIR) has approved Tailrow Insurance Company's application for the issuance of a permit to become an authorized domestic insurer and write homeowners mutli-peril line of insurance in Florida. Tailrow Insurance Company is the first company to be approved to become an authorized property and casualty domestic insurer following legislative reforms addressing challenges in Florida's property and casualty insurance market.

"OIR's greatest priority is to promote a stable and competitive insurance market for consumers. Today's announcement is great news for Florida policyholders who will benefit from having additional options when shopping for homeowners insurance," said Insurance Commissioner Michael Yaworsky. "As we begin to see the impacts from recently passed legislation, OIR will continue to use all available resources to attract more insurance-related companies, jobs and capital to the Florida insurance market."

Final approval and issuance of Tailrow Insurance Company's Certificate of Authority is contingent upon the company following all provisions in the agreement with OIR. The Consent Order approving the agreement is available here (https://floir.com/docs-sf/default-source/orders/property-and-casualty/2023/tailrow-insurance-company-co.pdf?sfvrsn=6173aca3_4).

In recent years, Florida has enacted historic and unprecedented reforms designed to promote market stability, including Senate Bill 2-A and Senate Bill 2-D. As a result of these reforms, there are additional opportunities in the market for insurers to sell insurance in the state of Florida.

For information on how companies can become authorized to sell insurance in the state of Florida, please visit OIR's company admissions page. Applications are accepted on a rolling basis. A full list of new entities approved to enter the Florida insurance market is available on OIR's website here (https://floir.com/resources-and-reports/new-entities-to-the-market?utm_medium=email&utm_source=govdelivery).

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Original text here: https://floir.com/newsroom/archives/item-details/2023/04/18/oir-approves-application-to-form-as-an-authorized-domestic-insurer-increasing-options-for-consumers-in-florida-s-property-and-casualty-insurance-market