As part of Florida's ongoing effort to reduce the number of policies in its state-created Citizen Property Insurance Corp., the state's Office of Insurance Regulation approved the removal of as many as 93,000 personal residential policies and 500 commercial residential policies.
The policies were removed from the following four carriers:
|- Anchor Property & Casualty Insurance Co. – approved to remove up to 28,000 personal residential policies (21,352 from the Personal Lines Account [PLA] and 6,648 from the Coastal Account [CA])
- Heritage Property & Casualty Insurance Co. – approved to remove up to 20,000 personal residential policies (17,326 PLA, 2,674 CA) and up to 500 commercial residential policies (472 Commercial Lines Account [CLA] and 28 CA)
- Mount Beacon Insurance Co. – approved to remove up to 35,000 personal residential policies (25,000 PLA, 10,000 CA)
- Southern Oak Insurance Co. – approved to remove up to 10,000 personal residential (8,500 PLA, 1,500 CA)
This brings the total number of policies approved for take-outs in 2015 to 409,008.
In 2014, the total number of policies approved for take-outs was 1,109,644 and the number of policies removed from Citizens as of December 19 is 416,623.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
