A state program in Florida designed to encourage insurers to write homeowners coverage has now approved $90 million in surplus notes for four companies, according to a spokesman.
Under the Insurance Capital Build-Up Incentive Program, companies that apply for the support must submit a business plan to the program's board and write a prescribed ratio of residential business.
The carriers are required to make quarterly reports of their residential coverage amounts and be certified by the Florida Office of Insurance Regulation as being in compliance.
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