The Florida Office of Insurance Regulation (“FOIR”) has approved the removal of up to 15,000 additional personal residential policies from Citizens Property Insurance Corporation for the July 19, 2016 take-out period.
The FOIR approved Southern Oak Insurance Company to remove up to 15,000 personal residential policies (10,000 Personal Lines Account/5,000 Coastal Account).
Together with these policies, the total number of potential personal and commercial residential policies approved for take-outs in 2016 has risen to 459,684, with the actual number of policies removed from Citizens at 33,434 (as of March 22, 2016).
These take-outs are part of ongoing depopulation efforts by the FOIR 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].