TALLAHASSEE — The Florida Office of Insurance Regulation has approved the removal of up to 211,080 personal residential policies and 4,408 commercial residential and non-residential polices from Citizens Property Insurance Corporation as requested by the following nine companies:
•American Colonial Insurance Company – approved to remove up to 22,050 personal residential policies from the Personal Lines Account (PLA)
•Cypress Property & Casualty Insurance Company – approved to remove up to 23,000 personal residential policies ‒ 20,337 PLA and 2,663 from the Coastal Account (CA)
•Heritage Property & Casualty Insurance Company – approved to remove up to 20,000 personal residential policies (17,000 PLA/3,000 CA) and up to 600 commercial residential polices from the Commercial Lines Account (CLA) and CA
•Homeowners Choice Property & Casualty Insurance Company – approved to remove up to 69,000 personal residential policies (24,150 PLA/44,850 CA)
•Mount Beacon Insurance Company – approved to remove up to 29,515 personal residential policies (19,515 PLA/10,000 CA)
•Olympus Insurance Company – approved to remove up to 10,000 personal residential policies (7,793 PLA/2,207 CA)
•Safepoint Insurance Company – approved to remove up to 18,000 personal residential policies (15,000 PLA/3,000 CA)
•United Property & Casualty Insurance Company – approved to remove up to 2,027 commercial residential policies (1,824 CLA/203 CA)
•Weston Insurance Company – approved to remove up to 19,515 personal residential policies in the CA and up to 1,781 commercial residential and non-residential policies in the CA.
Citizen’s PLAs and CLAs are mostly non-coastal properties and the Coastal Account are coastal properties. The take-out periods are Dec. 16, 2014 for personal residential impacting both the PLA/CA policies and Dec. 9, 2014 for commercial residential impacting both the CLA/CA policies. This is part of the state’s ongoing effort to reduce the number of policies in state-created Citizens and transfer them to the private insurance market.
Today’s announcement brings the total number of policies approved for take-outs this year to 1,109,644. The actual number of policies removed from Citizens this year as of Aug. 30 is 124,995. By statute, policy holders may choose to continue their Citizens coverage; however, they may be at risk of higher assessments.
For more information, visit the FOIR “Take-Out Companies” webpage.
This article originally appeared on Crestview News Bulletin: State insurance regulator approves removal of 215,488 policies from Citizens