Office Approves Up to 100,000 Policies for Citizens December Take-Out
Contact Info: Jack McDermott
Amy Bogner
850/413-2515
Office Approves Up to 100,000 Policies for Citizens December Take-Out
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today announced the approval of up to 100,00 policies to be removed from Citizens Property Insurance Corporation (Citizens) by two Florida domestic insurance companies starting on December 4, 2012. American Integrity Insurance Company of Florida was approved to take-out 50,000 policies in November and is approved for an additional 40,000 in December. Heritage Property & Casualty Insurance Company, recently licensed in August 2012 and with a home office in St. Petersburg, FL, has been approved to remove 60,000 policies.
There have been 84,339 policies removed from Citizens through the take-out process as of September 2012. The Office has approved up to an additional 6,643 for October, 210,000 for November and 100,000 for December. In an effort to provide even greater transparency for Citizens policyholders, each of the companies participating in the November and December take-out process created a “Citizens Coverage Comparison” list that details their policy coverage options relative to what is offered by Citizens.
List of Office approved take-outs from October – December 2012:
COMPANY
APPROVED TAKE-OUT MONTH
NUMBER OF POLICY REMOVALS
COVERAGE COMPARISON
First Community Insurance Company
October
6,643
n/a
Florida Peninsula Insurance Company
November
45,000
Coverage Comparison
Homeowners Choice Property & Casualty Insurance Company
November
75,000
Coverage Comparison
Southern Fidelity Property & Casualty, Inc.
November
30,000
Coverage Comparison
Southern Oak Insurance Company
November
10,000
Coverage Comparison
American Integrity Insurance Company of Florida
November December
50,000 40,000
Coverage Comparison
Heritage Property & Casualty Insurance Company
December
60,000
Coverage Comparison
By Florida law, Citizens policyholders will be notified of the take-out request (assumption) and will have 30 days to accept or decline the offer. If policyholders do not respond, they will be “assumed” by the Florida domestic company on December 4th.
Visit the Office’s Take-Out Companies
About the Florida Office of Insurance Regulation The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com
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