Proposals Sought to Assume 20,000 Sunshine State Insurance Write-Your-Own Flood Policies
Jun 10, 2014
In a Request for Proposal (“RFP”) issued today, June 10, 2014, the Florida Department of Financial Services advised that it is seeking proposals for the acquisition of Sunshine State Insurance Company’s (“Sunshine State’s”) book of “write-your-own” flood insurance policies.
Responses to the RFP, which is attached for review, are due no later than 5:00 p.m. on June 18, 2014.
Sunshine State, which was ordered into receivership on June 3, 2014, had approximately 20,000 write-your-own flood policies with written premium of $10.2 million.
Details of the available assets are described in the RFP, as well as the process required to submit a proposal for consideration.
To be accepted, proposals must be approved by the Second Judicial Circuit Court of Leon County, Florida, as well as the Florida Office of Insurance Regulation and the Federal Emergency Management Administration (FEMA).