Florida Approves Nearly 70K Citizens Policies for November Take-Outs

The Florida Office of Insurance Regulation (OIR) has approved the following companies to participate in the November Citizens Property Insurance Corp. take-out period. The total number of policies approved is 69,746.

November 22, 2016 Personal Residential Take-Out Period:

• Homeowners Choice Property & Casualty Insurance Co. – approved to remove up to 27,000 personal residential policies (8,100 Personal Lines Account/18,900 Coastal Account)
• National Specialty Insurance Co. – approved to remove up to 8,421 personal residential policies (Coastal Account)
• Safepoint Insurance Co. – approved to remove up to 4,000 (Coastal Account)
• Southern Oak Insurance Co. – approved to remove up to 15,000 personal residential policies (10,000 Personal Lines Account/5,000 Coastal Account)
• Weston Insurance Co. – approved to remove up to 9,577 personal residential policies (Coastal Account)

November 15, 2016 Commercial Residential/Non-Residential Take-Out Period:

• Safepoint Insurance Co. –approved to remove up to 325 commercial non-residential policies (250 Commercial Lines Account/75 Coastal Account)
• Weston Insurance Co. – approved to remove up to 4,104 commercial non-residential policies (Coastal Account); approved to remove up to 1,319 commercial residential policies (Coastal Account)

This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2016 to 570,080 with the actual number of policies removed from Citizens at 47,308 (as of July 19, 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