Florida Citizens depopulation News

Florida OIR Approves Removal of Up to 427,584 Policies From Citizens

The Florida Office of Insurance Regulation (OIR) announced that it has approved the removal of up to 425,357 personal residential policies and 2,227 commercial residential policies from Citizens Property Insurance Corp. by 14 companies. The OIR said Thursday this is …

Florida’s Citizens No Longer ‘Out of Control,’ Says Exec Defending Rate Cut

Its successes in reducing its insured population and securing low cost catastrophic coverage are driving the request by Florida’s state-backed property insurer for a statewide average 2.9 percent decrease on residential policies. Citizens Property Insurance Corp. officials in a public …

Florida House Nixes Shifting Citizens Policies to Surplus Lines

The Florida House has rejected a proposal that could shift homeowners away from the state-backed Citizens Property Insurance and into private surplus lines insurers. The Florida Senate last week narrowly voted for a property insurance bill that would allow homeowners …

Southern Oak to Assume Up to 10,000 Florida Citizens Policies

The Florida Office of Insurance Regulation has approved the removal of up to 10,000 multi-peril personal residential policies from Citizens Property Insurance Corp. to Southern Oak Insurance Co. This action is part of the state’s effort to reduce the number …

Surplus Lines Insurers Could Pick Up Citizens Policies Under Senate Bill

Homeowners seeking coverage from Citizens Property Insurance could wind up getting policies from out-of-state insurers that are exempt from many of the state regulations other insurers must honor. The Florida Senate on Friday voted 22-16 for a property insurance bill …

Carriers Being Selective with Florida’s Citizens Clearinghouse Agency Appointments

Florida’s state-backed Citizens Property Insurance Corp. says the initial opening of its new web-based clearinghouse designed to make it easier for private insurers to write its policies has been promising, although the number of policies removed by insurers has been …

Florida Lawmakers Turn Attention to Privatizing Commercial Business in Citizens

One year after enacting reforms designed to reduce the amount of homeowners business in the state’s insurer, state lawmakers are now looking to further shrink Citizens Property Insurance Corp. by targeting its commercial lines business. Citizens Property Insurance currently one …

Florida’s Citizens Touts Policy Count Drop Below 1 Million

Florida’s Citizens Property Insurance Corp. reported that its policy count has dropped below one million for the first time since 2006. The state-backed insurer said that recent takeout efforts, legislative initiatives and an improving private market have pushed Citizens’ exposure …

Florida’s Citizens Has New Plan to Shift 200,000 Policies to 8 Private Insurers

Florida’s largest insurer could be shifting thousands more of its policyholders away from the state-created company and into private insurance companies. The head of Citizens Property Insurance Corp. announced Friday that as many as 200,000 customers from across the state …

Florida’s Citizens Signs with 10 Insurers to Take Nearly 400,000 Policies

Hundreds of thousands of Floridians who rely on Citizens Property Insurance could soon find themselves with a new insurance company. State regulators last week quietly signed off on a plan to let 10 different insurance companies absorb nearly 400,000 Citizens …