Nearly 20K Citizens Policies Approved for August Takeouts by Florida Regulators

The Florida Office of Insurance Regulation has approved the following companies to participate in the August Citizens Property Insurance Corporation take-out period.

For the Aug. 22, 2017 Personal Residential Take-Out Period:

• National Specialty Insurance Company – approved to remove up to 4,520 personal residential policies (Coastal Account)
• Southern Oak Insurance Company – approved to remove up to 15,000 personal residential policies (5,000 Personal Lines Account/10,000 Coastal Account)

This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2017 to 89,244; the actual number of policies removed from Citizens so far in 2017 was 12,276 as of April 18. 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.

Source: Florida Office of Insurance Regulation