Å˽ðÁ«´«Ã½Ó³»­

The Florida Office of Å˽ðÁ«´«Ã½Ó³»­ Regulation (OIR) has approved the removal of up to 132,441 personal residential policies and 500 commercial residential polices from Citizens Property Å˽ðÁ«´«Ã½Ó³»­ Corp. as part of the state’s ongoing effort to move Citizens’ policies to private insurers.

The latest approvals include:

• American Colonial Å˽ðÁ«´«Ã½Ó³»­ Co. – approved to remove up to 5,441 personal residential policies, all from the Personal Lines Account (PLA).
• Anchor Property & Casualty Å˽ðÁ«´«Ã½Ó³»­ Co. – approved to remove up to 30,000 personal residential policies (25,007 PLA and 4,993 from the Coastal Account (CA))
• Heritage Property & Casualty Å˽ðÁ«´«Ã½Ó³»­ Co. – approved to remove up to 20,000 personal residential policies (17,326 PLA/2,674 CA) and up to 500 commercial residential policies (472 Commercial Lines Account (CLA) and 28 CA)
• Homeowners Choice Property & Casualty Å˽ðÁ«´«Ã½Ó³»­ Co. – approved to remove up to 50,000 personal residential policies (17,500 PLA/32,500 CA)
• Mount Beacon Å˽ðÁ«´«Ã½Ó³»­ Co. – approved to remove up to 27,000 personal residential (11,000 PLA/16,000 CA)

Citizen’s Personal Lines and Commercial Lines Accounts are mostly non-coastal properties and the Coastal Account has coastal properties.

The takeout periods are February 17, 2015 for personal residential affecting both the PLA/CA policies and February 10, 2015 for commercial residential affecting both the CLA/CA policies.

Today’s announcement brings the total number of policies approved for take-outs in 2015 to 315,508. In 2014, the total number of policies approved for take-outs was 1,109,644and the number of policies removed from Citizens as of November 20 is 185,405. By statute, policyholders may choose to remain covered by Citizens during take-out offers; however, they may be at risk of higher assessments.

Topics Florida Property Casualty