10K Florida Personal Lines Policies Approved for Citizens Takeouts

The Florida Office of Insurance Regulation (OIR) has approved one company to participate in the June Citizens Property Insurance Corporation take-out period.

For the June 20, 2017, Personal Residential Take-Out Period:

Weston Insurance Co: approved to remove up to 10,511 personal residential policies from the coastal account.

This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2017 to 68,235. The actual number of policies removed from Citizens in 2017 was 11,399 as of Feb. 21. These take-outs are 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.

The companies approved to participate in a personal residential and/or commercial residential take-out along with the number of policies approved for removal are available on the OIR webpage. Typically, monthly approvals are posted to this webpage within a week of Citizens’ deadline for OIR to issue an approval.