Florida’s Office of Insurance Regulation (OIR) has placed Gulfstream Property and Casualty Insurance (Gulfstream) under its administrative supervision, after deeming the insurer unable to keep the minimum amount of funds to pay for policyholders’ claims.
Under the regulator’s supervision, Sarasota, FL-based Gulfstream will be unable to write new policies. It will also make policy information immediately available to other insurance carriers that can take on its current policyholders. Such a process is usually a confidential affair, but the OIR said in a recent filing that it was “in the best interest of the public” and policyholders.
