The Florida Office of Insurance Regulation (OIR) has approved the removal of up to 15,000 personal residential policies from Citizens Property Insurance Corp. for the July 19, 2016 take-out period. The following company has been approved to participate:
- Southern Oak Insurance Co. – approved to remove up to 15,000 personal residential policies (10,000 Personal Lines Account/5,000 Coastal Account)
This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2016 to 459,684 with the actual number of policies removed from Citizens at 33,434 (as of March 22, 2016).
These take-outs are part of ongoing depopulation efforts to reduce the number of policies in state-created Citizens and transfer them back into the private insurance market. Policyholders who receive a take-out offer may choose to remain covered by Citizens through the opt-out process.
Source: Florida Office of Insurance Regulation
Topics Florida
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