Florida Approves 97K Policies for December Take-Outs from Citizens

The Florida Office of Insurance Regulation (OIR) has approved a total of 97,390 policies for December take-outs from Citizens Property Insurance Corporation by the following companies.

December 20, 2016 Personal Residential Take-Out Period (total of 95,465):

• Avatar Property & Casualty Insurance Co. – approved to remove up to 10,900 personal residential policies (Personal Lines Account)
• National Specialty Insurance Co. – approved to remove up to 2,217 personal residential policies (Coastal Account)
• Safepoint Insurance Co. – approved to remove up to 30,000 personal residential policies (20,000 Personal Lines Account/10,000 Coastal Account)
• Southern Fidelity Insurance Co.– approved to remove up to 26,174 personal residential policies (Personal Lines Account)
• Southern Fidelity Property & Casualty, Inc. – approved to remove up to 26,174 personal residential policies (Personal Lines Account)

December 13, 2016 Commercial Non-Residential Take-Out Period (total of 1,925):

• Avatar Property & Casualty Insurance Co. – approved to remove up to 100 commercial non-residential policies (Commercial Lines Account)
• Safepoint Insurance Co. – approved to remove up to 1,825 commercial non-residential policies (250 Commercial Lines Account/1,575 Coastal Account)

This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2016 to 667,470 with the actual number of policies removed from Citizens at 48,360 (as of Sept. 20, 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 Property Casualty