Pursuant to the enactment of CS/CS/CS/SB 408, the Florida Office of Insurance Regulation (“OIR”) issued a July 1, 2011 Informational Memorandum (OIR-11-O5M) advising all residential property insurers in the State of Florida of changes to the minimum surplus requirements.

Specifically, the OIR Memorandum notifies insurers of the legislative amendment to Section 624.407, Florida Statutes, regarding surplus required for new domestic insurers to receive authority to transact residential property insurance, and the amendment to Section 624.408, F.S, regarding surplus required for property and casualty insurers authorized to underwrite any line of residential property insurance to maintain a certificate of authority.