Citizens Property Insurance Corp. News

Florida’s Citizens to Resume Policy Cancellations, Nonrenewals Next Month

Citizens Property Insurance Corp., Florida’s insurer of last resort, will resume processing cancellations and nonrenewal notices next month after halting them back in March in response to the state’s coronavirus outbreak. The insurer said in an agent bulletin July 9 …

Florida’s Citizens Accuses Embattled Law Firm, Others of Sham Lawsuits, Racketeering

Florida’s state-run Citizens Property Insurance Corp. has joined a chorus of insurance companies accusing the Strems Law Firm of lawsuit abuse. Citizens says it has lost millions of dollars due to an alleged scheme of “sham” claims by the law …

Citizens CEO Notes Impact of AOB Reforms as New Rates to Take Effect in Florida

The head of Citizens Property Insurance Corp. says it is already seeing a difference in assignment of benefits (AOB) litigation since reforms passed by the Florida Legislature took effect in July. Meanwhile, many Citizens policyholders may see premium relief from …

Florida Regulator Approves Post-AOB Reform Rates for Citizens Policyholders

Florida’s insurance regulator has established 2019 rates for Citizens Property Insurance Corp. after the insurer resubmitted its rate filing as part of a requirement of the new assignment of benefits law that adjustments be made to proposed policyholder rates this …

Florida’s Citizens Revises 2019 Rate Filing; Will Request 2.3% Statewide Rate Increase

Citizens Property Insurance Corporation’s Board of Governors has approved a revised 2019 rate proposal that the company said reflects recent legislative changes that targets the ongoing abuse of assignment of benefit agreements and will reduce unnecessary litigation responsible for driving …

Rivard Appointed to Citizens Board of Governors

Florida’s insurer of last resort, Citizens Property Insurance Corp., has a new board member. Florida CFO Jimmy Patronis has appointed Bo Rivard insurer’s Board of Governors, effective immediately. His term expires on July 31, 2020. Rivard succeeds John McKay, a …

Florida’s Citizens: $200M Reinsurance Buy Needed to Protect Personal Lines Surplus

Citizens Property Insurance Corp. plans to purchase approximately $200 million in traditional reinsurance coverage for the 2019 hurricane season to protect its Personal Lines Account (PLA) surplus it says is exposed to storm risk in areas located away from the …

Florida Regulator to Hold Public Hearing on Citizens Rate Increase

The Florida Office of Insurance Regulation (OIR) will conduct a rate hearing to receive public comment on the proposed rate changes from Citizens Property Insurance Corp. for its business in the Coastal Account (CA), Commercial Lines Account, and Personal Lines …

Citizens to Request 8.2% Rate Increase from Florida Regulators

Citizens Property Insurance Corp. will file for a statewide average increase of 8.2 percent for personal lines policyholders – homeowners, condominium owners and renters. The Florida insurer of last resort’s Board of Governors on Wednesday approved a 2019 rate package …

Florida Keys Insurance Agent Accused of Defrauding Citizens Insurance

A Florida insurance agent has been arrested after allegedly submitting a fraudulent insurance policy to Citizens Property Insurance Corp., according to a statement from Florida CFO Jimmy Patronis and the Florida Department of Financial Services (DFS). Richard Joseph Girard, a …