The Florida Office of Insurance Regulation (“OIR”) has approved the removal of up to 19,535 additional personal residential policies from Citizens Property Insurance Corporation by National Specialty Insurance Company.
This announcement brought the total number of potential personal and commercial residential policies approved for take-outs in 2016 to 444,684 with the actual number of policies removed from Citizens at 33,434 (as of March 22, 2016).
The OIR noted that these take-outs were part of ongoing depopulation efforts to reduce the number of policies in state-created Citizens and transfer them back into the private insurance market.
Policyholders who receive a take-out offer may choose to remain covered by Citizens through the opt-out process.
Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].