The Florida Office of Insurance Regulation has approved the removal of up to 80,000 personal residential policies and 1,050 commercial residential polices from Citizens Property Insurance Corporation by the following Three companies:

  • Heritage Property & Casualty Insurance Company – approved to remove up to 40,000 personal residential policies (17,426 Personal Lines Account and 22,574 Coastal Account) and up to 50 commercial residential policies (45 Commercial Lines Account and 5 Coastal Account)
  • Southern Oak Insurance Company – approved to remove up to 15,000 personal residential policies (10,000 Personal Lines Account and 5,000 Coastal Account)
  • United Property & Casualty Insurance Company – approved to remove up to 25,000 personal residential policies (19,800 Personal Lines Account and 5,200 Coastal Account) and up to 1,000 commercial residential policies (940 Commercial Lines Account and 60 Coastal Account)

Citizens' Personal Lines and Commercial Lines Accounts are mostly non-coastal properties and the Coastal Account are coastal properties.

The take-out periods are September 22, 2015 for personal residential impacting both the Personal Lines/Coastal Account policies and September 15, 2015 for commercial residential impacting both the Coastal Lines/Coastal Account policies.

This is part of the state’s ongoing depopulation effort to reduce the number of policies in the state-created Citizens and transfer them to the private insurance market. Today’s announcement brings the total number of policies approved for take-outs in 2015 to 713,336. To date, 128,133 policies have been removed from Citizens this year.

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
NOT FOR REPRINT

© 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.

Commercial Lines
Commercial Lines
Personal Lines