How to buy a Book of Business
This section is applicable when an insurer offers a new policy of coverage to the insurer in receivership’s "book of business". A “book of business” refers to the insurer in receivership's in force insurance policies.
In order to purchase books of business of an insurer in receivership, the potential purchaser will need to be a licensed insurer who is authorized to write the types of insurance products that are for sale.
Review our list of books of business (without assumption) that are currently for sale.
Below are the procedures involved in the purchase of books of business (without assumption) from an insurer in receivership. The first step will allow an interested party to be added to our mailing list in order to be notified when books of business (without assumption) are for sale. The remaining steps identify various processes that have to be completed to finalize the transaction.
- Register with the Receiver to be notified when books of business become available for sale.
- Execute a Confidentiality Agreement for a specific insurer in receivership and return it to the Receiver.
- Request information from the Receiver in order to perform due diligence.
- Submit an offer to purchase books of business to the Receiver.
- If the offer is recommended, execute an agreement with the Receiver.
- If the policies are located in the state of Florida, file a notice of the transaction with the Florida Office of Insurance Regulation. If policies are located outside of Florida, obtain approval from the insurance regulator in that state, if required.
- If the Florida Office of Insurance Regulation (or other state regulator) approves or has no objection to the proposed purchase, the Receiver will seek Court approval of the transaction. *
- The Receiver will seek Court approval of the transaction. *
- If the transaction is approved by the receivership court, complete the remaining requirements within the executed agreement.