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Press Release

Office Approves Removal of Up to 81,500 Policies from Citizens for May 2016 Take-Out
Tuesday, March 1, 2016
Contact Info:

Amy Bogner
(850) 413-2515                      
press@floir.com                    

TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approved the removal of up to 80,000 personal residential policies and 1,500 commercial residential polices from Citizens Property Insurance Corporation (Citizens). The following three companies have been approved to participate:

·        Anchor Property & Casualty Insurance Company  – approved to remove up to 10,000 personal residential policies (8,164 Personal Lines Account and 1,836 Coastal Account)

·        Heritage Property & Casualty Insurance Company – approved to remove up to 55,000 personal residential policies (35,000 Personal Lines Account and 20,000 Coastal Account) and up to 1,500 commercial residential policies       (1,300 Commercial Lines Account and 200 Coastal Account)

·        Southern Oak Insurance Company  – approved to remove up to 15,000 personal residential policies (10,000 Personal Lines Account and 5,000 Coastal Account)

Citizen’s Personal Lines and Commercial Lines Accounts are primarily non-coastal properties and the Coastal Account consists of properties designated as coastal. The take-out periods are May 24, 2016 for personal residential impacting both the Personal Lines/Coastal Account policies and May 17, 2016 for commercial residential impacting both the Commercial Lines/Coastal Account policies. These take-outs are part of the state’s ongoing depopulation effort to reduce the number of policies in state-created Citizens and transfer them to the private insurance market.


T
oday’s announcement brings the total number of potential policies approved for take-outs in 2016 to 425,149 with the actual number of policies removed from Citizens as of January 19, 2016 at 19,424. Policyholders who receive a take-out offer may choose to remain covered by Citizens through the opt-out process. 

For more information, please visit the Office’s “Take-Out Companies” webpage at: http://www.floir.com/Sections/PandC/TakeoutCompanies.aspx.​

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Contact Info:

Amy Bogner
(850) 413-2515                      
press@floir.com                    

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm and Facebook

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