Florida Approves Removal of up to 19K Policies from Citizens

The Florida Office of Insurance Regulation (OIR) has approved the removal of up to 19,535 personal residential policies from Citizens Property Insurance Corporation (Citizens) for the June 21, 2016 take-out period. The following company has been approved to participate:

• National Specialty Insurance Co. – approved to remove up to 19,535 personal residential policies (Coastal Account)

The approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2016 to 444,684 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.

OIR has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets.

Source: Florida Office of Insurance Regulation

Topics Florida Legislation