Assumption Agreement
Once a potential buyer has submitted an
offer and the Receiver has accepted the offer, an assumption
agreement will need to be finalized. Below is a generic copy of a
proposed assumption agreement to provide you with an outline of the
various requirements. Due to unique circumstances relating to each
insurer, the Receiver reserves the right to modify this agreement to
specifically address all aspects of the proposed transaction.
Sample - Assumption Agreement
Note: Once the assumption
agreement is executed, it will need to be submitted to the
Receivership Court for approval and then the approved buyer will
need to file an application with the Florida Office of Insurance
Regulation. If the policies are located outside of Florida, obtain
approval from the insurance regulator in that state, if required.
Back to Assume Book of Business Tab
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