Florida Office of Insurance Regulation FLOIR

Office Approves Removal of up to 427,584 Policies from Citizens

Sep 4 • 175 Views • View Comments

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Office Approves Removal of up to 427,584 Policies from Citizens

TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approvedthe removal of up to 425,357 personal residential policies and 2,227 commercial residential polices from Citizens Property Insurance Corporation (Citizens) bythe following 14 companies:

Citizen’s Personal Lines and Commercial Lines Accounts are mostly non-coastal properties and the Coastal Account are coastal properties. The take-out periods are November 18, 2014 for personal residential impacting both the PLA/CA policies and November 4, 2014 for commercial residential impacting both the CLA/CA policies. This is part of the state’s ongoing effort to reduce the number of policies in Citizens and transfer them to the private insurance market.

Today’s announcement brings the total number of policies approved for take-outs this year to 894,156 and the actual number of policies removed from Citizens as of August 30 of 2014 to 124,995. By statute, policyholders may choose to remain covered by Citizens; however, they may be at risk of higher assessments.

For more information, please visit the Office’s “Take-Out Companies” webpage at: http://www.floir.com/Sections/PandC/TakeoutCompanies.aspx.

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation 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 or follow us on Twitter @FLOIR_comm and Facebook

Contact Info:
Harvey Bennett
(850) 413-2515
Harvey.Bennett@floir.com

Amy Bogner
(850) 413-2515
Amy.Bogner@floir.com

 

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