The Florida Office of Insurance Regulation (OIR) has approved one company to participate in the June Citizens Property Insurance Corporation take-out period.
For the June 20, 2017 Personal Residential Take-Out Period:
- Weston Insurance Co: – approved to remove up to 10,511 personal residential policies from the Coastal Account
This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2017 to 68,235; the actual number of policies removed from Citizens so far in 2017 was 11,399 as of Feb. 21. 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.
The companies approved to participate in a personal residential and/or commercial residential take-out along with the number of policies approved for removal are available on the OIR webpage. Typically, monthly approvals are posted to this webpage within a week of Citizens’ deadline for the Office to issue an approval.
Source: Florida Office of Insurance Regulation