"We're getting calls from investors saying, 'Hey, is now the time to come in and provide capacity in this overall marketplace?" Gilway said on the podcast. "And, of course, our attitude is yes. I would expect a significant … attempted depopulation (of Citizens) in the November-December '23 time frame. I think that's probably when we're going to see the biggest impact of more capacity entering the market. But it's unlikely they would do it before that simply because they're not going to come in before the storm season."

State leaders have long sought to keep policies out of Citizens, at least in part because of the risk that policyholders across the state could get hit with extra costs — known as assessments — if Citizens can't pay all of its claims after a hurricane or multiple hurricanes.

Along with trying to reduce litigation and taking steps to help insurers obtain critical reinsurance, lawmakers also made changes specifically geared toward Citizens.

As an example, they approved preventing Citizens policyholders from being able to renew coverage if they receive policy offers from private insurers that are within 20 percent of the cost of the Citizens premiums. Citizens often charges lower rates than private insurers, and the change is aimed at pushing more customers into the private market.

But for residents in some areas of the state, Citizens has been virtually the only option for coverage. With those residents paying thousands of dollars a year for policies, the Legislature in the past has constrained the ability of Citizens to raise rates.