Florida OIR Approves Two New Property and Casualty Insurers Following Legislative Reforms
August 22, 2023
~ Expanding Market Opportunities with Orion180 Select Insurance Company and Orion180 Insurance Company ~
TALLAHASSEE, Fla. – In a significant development, the Florida Office of Insurance Regulation (OIR) has given its approval for the establishment of Orion180 Select Insurance Company and Orion180 Insurance Company as property and casualty insurers in the state. This announcement, occurring after recent legislative reforms, marks a positive stride in fostering market stability and creating more avenues for insurers in Florida.
Commissioner Michael Yaworsky expressed the impact of these reforms, stating, “OIR has been diligently working to attract more companies, jobs, and capital to Florida’s insurance market since the passage of recent legislative reforms. Today’s announcement is another sign that the reforms are having a positive impact on Florida’s insurance market.”
Both Orion180 Select Insurance Company and Orion180 Insurance Company, based in Indiana, utilized an expansion application to operate in Florida. An expansion application is a streamlined process for companies in good standing in their state of domicile seeking to expand into a uniform state.
These two additions join Mainsail Insurance Company, approved by OIR in August, and Tailrow Insurance Company, approved in April, bringing the total to four property and casualty insurers approved in 2023.
OIR encourages companies interested in entering the Florida insurance market to explore the authorization process. Applications are accepted continuously, with OIR aiming to conclude the review process within 60 days of submission for complete applications. Detailed information is available on OIR’s company admissions page.
For a comprehensive list of new entities approved to enter the Florida insurance market, visit OIR’s website [here](link to OIR’s website).
About the OIR:
The Florida Office of Insurance Regulation (OIR) holds primary responsibility for regulating, ensuring compliance, and enforcing statutes related to the business of insurance. Additionally, it monitors industry markets