Florida insurance regulators approve a new property insurer to do business

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, the agency said in a news release.

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 struggling 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.

In recent years, Florida has enacted 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.