Up to 15,000 Policies Approved for Removal from Citizens by Florida
The Florida Office of Insurance Regulation (OIR) has approved the removal of up to 15,000 personal residential policies from Citizens Property Insurance Corp. for the July 19, 2016 take-out period. The following company has been approved to participate:
- Southern Oak Insurance Co. – approved to remove up to 15,000 personal residential policies (10,000 Personal Lines Account/5,000 Coastal Account)
This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2016 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 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.
Source: Florida Office of Insurance Regulation
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