Florida regulators are requiring American Mobile Insurance Exchange to surrender its certificate of authority following administrative supervision and a wind-down of its liabilities.

The insurer received its license in 2020 to write mobile home insurance exclusively in Florida. The Office of Insurance Regulation said it determined the company was in an unsound financial condition.

In November 2023, OIR denied the company’s request to pay $1 million in interest on a surplus note, finding that the payment would impair its surplus. The company’s policyholder surplus subsequently fell from $20.98 million to $15.09 million, barely above Florida’s $15 million minimum for residential property insurers.

In March 2024, American Mobile submitted a withdrawal plan that included transferring approximately 8,000 policies to another insurer. It also canceled more than 1,100 policies effective May 31, shortly before hurricane season. OIR placed the company under administrative supervision at that time.

During supervision, regulators required the insurer to provide trained customer service staff, submit cancellation-related scripts for approval, and refund unearned premiums and subscriber surplus contributions to canceled policyholders.

According to OIR, American Mobile also explored moving its domicile to other states, but those states’ insurance departments declined to approve the move.

“Florida continues to grow a full stable of well capitalized companies that are committed to our State and ready to help consumers pay claims. Evasive companies that cancel all their policies and want to redomesticate are not committed to Floridians and have no place in our State. Competition is booming in Florida, and the quality of service they provide to consumers is in the front of my mind.” – Commissioner Mike Yaworsky.