10K Florida Personal Lines Policies Approved for Citizens Takeouts

April 18, 2017

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

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