How To Buy an Insurer
This section is applicable when an investor makes an offer to purchase an insurer in receivership. An "Insurer" refers to a Company that sells insurance.
Review our list of insurers that are currently for sale.
Below are the procedures involved in the
purchase of an insurer in receivership. The first step will allow an interested party to pre-register with the Receiver to receive notification when an insurer is for sale. The remaining steps identify various processes that have to be completed to
finalize the transaction.
- Register with the Receiver to be notified when insurers become available for sale.
- For details on the minimum requirements needed in order to purchase an insurance company, please visit FLOIR's Company Admissions Requirements
- Execute a Confidentiality Agreement for a specific insurer in receivership and return it to the Receiver.
- Request information from the Receiver in order to perform due diligence.
- Submit an offer to purchase to the Receiver.
- If the offer is recommended, execute an agreement.
- The Receiver will seek approval from the Receivership Court for the sale of the insurer and will then notify the potential buyer.
- Place a non-refundable deposit with the Receiver.
- If the Receivership Court approves the transaction, the potential buyer will need to file an acquisition application with the Florida Office of Insurance Regulation and receive approval to purchase the company and become a licensed insurer in Florida.
- If the acquisition is approved by the Florida Office of Insurance Regulation, complete all remaining requirements within the executed sales agreement.
- The Receiver will seek Court approval of the transaction and, if appropriate, a discharge of the Receiver.