Florida's largest property insurer, which has evolved from the insurer of last resort to a full-fledged player in the state's insurance market, is undergoing a host of changes.
Citizens Property Insurance Corporation has a newly reconstituted board, including a new chairman with a track record of dealing with troubled companies. The company is also moving ahead with plans to expire some 350,000 wind-only residential policies as the company transitions to new forms.
These latest changes are coming at a time when some are pressuring Citizens, which now has some 1.2 million customers, to return to its roots. A comprehensive insurance law passed by state lawmakers and signed into law by Governor Charlie Crist in late May calls for the creation of a Citizens "Mission Review Task Force." This task force is charged with coming up with a report by January 31 that would spell out how Citizens could once again become a "non-competitive residual market mechanism."
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