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.
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.
