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Citizens Property Insurance Corporation (Citizens) Rate Hearing

On August 25, 2015, the Florida Office of Insurance Regulation (Office) conducted a public hearing at the Florida State Capitol in Tallahassee, FL.

The purpose of the public hearing was to discuss Citizens’ proposed rate changes for its business in the multi-peril and wind only Coastal Account (CA), Commercial Lines Account (CLA) and the Personal Lines Account (PLA).

These accounts included, but were not limited to: commercial property, homeowners, mobile home and the dwelling/fire lines of business.

ADDITIONAL HEARING INFORMATION


RATE FILING DECISIONS:


Date File Log # Account
Total #
of Policies
Earned
Premium
Amount
Estimated
Rate
Established*
Order/Exhibits
9/17/2015 15-17008 Commercial Property Residential Multi-Peril
(Ex. Condo Assn.) (CLA)
1,934 $38,221,503 3.0%
increase
Order
Applies to all Commercial Property filings.
  15-17009 Commercial Property Residential Multi-Peril
(Condo Assn.) (CLA)
1,417 $120,702,655 3.0%
increase
 
  15-17471 Commercial Property Non-Residential
Multi-Peril (CLA)
1,675 $11,924,208 9.1%
increase
 
  15-18444 Commercial Property Residential Wind Only
(Ex. Condo Assn.) (CA)
3,582 $27,818,494 9.5%
increase
 
  15-18446 Commercial Property Residential Wind Only
(Condo Assn.) (CA)
4,114 $88,798,290 9.5%
increase
 
  15-18900 Commercial Property Non-Residential
Wind Only (CA)
16,464 $87,942,803 10.0%
increase
 
9/8/2015 15-15843 Homeowners Multi-Peril (PLA) 396,953 $750,956,549 1.8%
increase
Order
Applies to all Personal Property filings.
  15-15848 Homeowners Multi-Peril Wind Only (CA) 183,157 $394,234,460 8.3%
increase
 
  15-16013 Property/Personal (Dwelling Fire) Wind Only (CA) 24,591 $46,095,920 9.1%
increase
 
  15-16016 Property/Personal (Dwelling Fire) (PLA) 236,037 $362,433,810 1.5%
decrease
 
  15-16391 Mobile Homeowners Multi-Peril Wind Only (CA) 5,400 $5,384,921 10.4%
increase
 
  15-16392 Mobile Homeowners Multi-Peril (PLA) 50,860 $51,536,043 6.4%
decrease
 
  15-16470 Mobile Homeowners (Dwelling Fire) (PLA) 59,005 $29,301,751 6.8%
decrease
 
  15-16471 Mobile Homeowners (Dwelling Fire) Wind Only (CA) 545 $410,714 9.9%
increase
 

* This is an estimate of the rate effect on earned premiums determined using selected changes from the in-force policy distributions and the rates in the Order.

Rate filing decisions for the commercial residential and commercial non-residential accounts are still pending.

PROPOSED RATE LEVEL EFFECTS:


The proposed Citizens rate filings listed below can be accessed via the I-File Forms & Rates Filing Search system by using the following search criteria: file log numbers (see chart below) or by entering “Citizens” as the “company name” in the “Quick Search” tab. Scroll down to the bottom of the results page for the most recent filing information.

File Log #
Overall Proposed
Rate Change
Account
Proposed Rate Filing Exhibits
(by county, where applicable)
15-15843 1.3% increase Homeowners Multi-Peril (PLA) HO-3, HO-4, HO-6, Summary
15-15848 9.0% increase Homeowners Multi-Peril Wind Only (CA) HO-3, HO-4, HO-6, Summary
15-16013 9.5% increase Property/Personal (Dwelling Fire) Wind Only (CA) Summary (DP3)
15-16016 0.9% decrease Property/Personal (Dwelling Fire) (PLA) Summary (DP1 & DP3)
15-16391 10.4% increase Mobile Homeowners Multi-Peril Wind Only (CA) MHO-3, MHO-4, Summary
15-16392 5.3% decrease Mobile Homeowners Multi-Peril (PLA) MHO-3, MHO-4, Summary
15-16470 4.1% decrease Mobile Homeowners (Dwelling Fire) (PLA) Summary
15-16471 9.8% increase Mobile Homeowners (Dwelling Fire) Wind Only (CA) Summary
15-17008 5.2% increase Commercial Property Residential Multi-Peril
(Ex. Condo Assn.) (CLA)
Summary
15-17009 5.0% increase Commercial Property Residential Multi-Peril
(Condo Assn.) (CLA)
Summary
15-17471 9.3% increase Commercial Property Non-Residential
Multi-Peril (CLA)
Summary
15-18444 10.3% increase Commercial Property Residential Wind Only -
Ex. Condo Assn. (CA)
Summary
15-18446 10.4% increase Commercial Property Residential Wind Only -
Condo Assn. (CA)
Summary
15-18900 10.0% increase Commercial Property Non-Residential Wind Only -
(CA)
Summary

There are no proposed rate changes for sinkhole coverage and the requested rate increases in the chart above are not uniform. The effective date of the proposed rate change for all three accounts (Coastal, Commercial Lines and Personal Lines) is February 1, 2016, for new and renewal business.

CONTACT INFORMATION


Communications Office
Main Press Line: (850) 413-2515
Email: press@floir.com