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OIR Approves New Application to Form a Domestic Property Reciprocal Insurer

Summary by Ground News
The Florida Office of Insurance Regulation (OIR) approved Condo Owners Reciprocal Exchange to form as a property and casualty reciprocal insurer in Florida. OIR has approved insurers to assume 650,399 policies from Citizens Property Insurance Corporation during 2023, a more than 800 percent increase from the previous year. One participating company announced 70 percent of the policies it assumed as of November 21, 2023 would see savings.
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capitalsoup.com broke the news in on Wednesday, November 22, 2023.
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