The Florida Office of Insurance Regulation has approved the following companies to participate in the August Citizens Property Insurance Corporation take-out period.
For the Aug. 22, 2017 Personal Residential Take-Out Period:
- National Specialty Insurance Company – approved to remove up to 4,520 personal residential policies (Coastal Account)
- Southern Oak Insurance Company – approved to remove up to 15,000 personal residential policies (5,000 Personal Lines Account/10,000 Coastal Account)
This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2017 to 89,244; the actual number of policies removed from Citizens so far in 2017 was 12,276 as of April 18. 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 OIR to issue an approval.
Source: Florida Office of Insurance Regulation
Topics Florida
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