The Florida Office of Insurance Regulation (OIR) has approved a total of 40,650 personal lines, commercial lines, and coastal account policies from the following companies to participate in the September and October Citizens Property Insurance Corporation take-out periods.
September 20, 2016 Personal Residential Take-Out Period:
- Southern Oak Insurance Company – approved to remove up to 15,000 personal residential policies (10,000 Personal Lines Account/5,000 Coastal Account)
October 11, 2016 (Commercial Residential/Non-Residential) Take-Out Period:
- Safepoint Insurance Company – approved to remove up to 650 commercial residential policies (500 Commercial Lines Account/150 Coastal Account); approved to remove up to 3,000 commercial non-residential policies (3,000 Commercial Lines Account)
October 18, 2016 (Personal Residential) Take-Out Period:
- Heritage Property & Casualty Insurance Company – approved to remove up to 2,000 personal residential policies (2,000 Coastal Account)
- United Property & Casualty Insurance Company – approved to remove up to 20,000 personal residential policies (Coastal Account)
Citizen’s Personal Lines Accounts (PLA) and Commercial Lines Accounts (CLA) are mostly non-coastal properties; and the Coastal Account (CA) is coastal properties.
The total Citizens policies approved for take-out in 2016 is 500,334 and as of July 19, 47,308 policies have been removed from Citizens.
Topics Florida
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