Florida's Citizens Property Insurance, which has delayed a decision on rate hikes for 2019, intends to hold meetings to seek public input about what some insurers claim is a root cause of growing costs of policies.
Citizens President and CEO Barry Gilway announced Tuesday the state-backed insurer is working on the "logistics" for public roundtable discussions as a way to find solutions to the practice of "assignment of benefits." The announcement came after a request by state Chief Financial Officer Jimmy Patronis.
"The bottom line is AOB abuse and runaway litigation threaten to raise premiums for many Citizens policyholders who otherwise would see their rates remain steady or go down," Gilway said in a statement.
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