However, Citizens policyholders have the option of staying with the state-run insurer. The option remains one of the barriers to a successful depopulation program in Florida, since Citizens' rates in many areas are competitive with the private market.

Nevertheless, the willingness of private domestic carriers to take policies from Citizens is significant, says Kevin McCarty, state insurance commissioner.

“It is encouraging to see the commitment of these domestic companies to bring more jobs as well as additional insurance capacity to Florida,” says McCarty in a statement.

Tampa's American Integrity Insurance Co. has been added to the list of approved “take-out companies”—now at five this year. It wants to remove as many as 50,000 policies from Citizens.

Making up the balance of policies in this newest announcement is Florida Peninsula Insurance Co. of Boca Raton. The insurer has added 10,000 to its original take-out bundle of 35,000 announced earlier in September.

Homeowners Choice P&C Insurance Co. is looking to take up to 75,000 policies; Southern Fidelity is in line for 30,000 policies; and Southern Oak Insurance Co. wants 10,000.

With policyholder approval (or if they do not respond either way to a take-out notice) the policies will be removed on Nov. 6. Notices will be sent Oct. 1, says the OIR.

Insurers may have stepped up to take more policies because doing so could give them the first shot at Citizens' book of business. McCarty has sent a letter to Citizens urging the insurer to give priority to insurers that have already been approved to take out policies without financial incentives.

Citizens has approved a plan to loan its surplus to insurers willing to assume its policies. The low-interest, 20-year loans are meant as an enticement since insurers must provide the same coverage, at the same rate, as Citizens once the policy is assumed.

Studies have shown rates at Citizens are not actuarially sound overall, but there are pockets where rates at least match those found in the private market. Getting a first crack at the best risks at the best rate could be beneficial.

The OIR must review and approve the plan. It remains unclear who will ensure that no one insurer assumes too much risk relative to the loan it receives from Citizens.

Citizens President and CEO Barry Gilway predicts as many as 300,000 policies could be removed under the loan program.