Posted on 25 Sep 2012 by Neilson
Florida insurance regulators have announced the approval of another 60,000 policies for removal from the state-backed Citizens Property Insurance Corp.
The Office of Insurance Regulation earlier approved another 150,000 policies to be acquired by four Florida domestic companies beginning in November. Citizens' policyholders will be notified of the take-out request on Oct. 1, and will have 30 days to accept or reject the offer. If policyholders do not respond, they'll be "assumed" by a private sector company.
Florida lawmakers have tried for years to shrink Citizens in hopes of reducing the insurer's market exposure and the commensurate financial risk to millions of Floridians. Citizens' was originally designed as the insurer of last resort for home and business owners in high-risk areas. It instead became the state's largest property insurer.