New Property Insurer Approved for Florida; Citizens to Reduce Coverage by Nearly 300K Policies
Thursday, August 17th, 2023 Insurance Industry Legislation & Regulation PropertyFlorida’s Office of Insurance Regulation (OIR) this week granted authorization to Mainsail Insurance Company, a property and casualty insurer headquartered in Texas, to function as a domestic insurer within the state.
According to OIR data, the insurer has been approved to offer 17 varying lines of insurance including auto, property, and commercial coverage.
The approval of Mainsail’s application marks the second company to be allowed in as an authorized insurer following the passage of HB 837 earlier this year. The bill, among other provisions, sought to reduce frivolous litigation by reserving attorney fee multipliers, requiring proof that an insurer breached its agreement with a policyholder before a lawsuit can be filed, and preventing insureds from transferring their unilateral right to receive attorneys’ fees to contractors.
