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Press Release

Office Approves Removal of up to 48,331 Policies from Citizens
Monday, March 9, 2015
Contact Info:

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


TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approved the removal of up to 47,831 personal residential policies and 500 commercial residential polices from Citizens Property Insurance Corporation (Citizens) by the following three companies:  

·         Heritage Property & Casualty Insurance Company – 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)
·         Mount Beacon Insurance Company – approved to remove up to 17,831 personal residential policies (14,831 PLA/3,000 CA)
·         Southern Oak Insurance Company – approved to remove up to 10,000 personal residential policies (8,500 PLA/1,500 CA)
 
Citizen’s Personal Lines and Commercial Lines Accounts are mostly non-coastal properties and the Coastal Account are coastal properties. The take-out periods are May 26, 2015 for personal residential impacting both the PLA/CA policies and May 12, 2015 for commercial residential impacting both the CLA/CA policies. This is part of the state’s ongoing depopulation effort to reduce the number of policies in the state-created Citizens and transfer them to the private insurance market.

Today’s announcement brings the total number of policies approved for take-outs in 2015 to 536,736. By statute, policyholders may choose to remain covered by Citizens during take-out offers; however, they may be at risk of higher assessments. To date, 95,407 policies have been removed from Citizens this year.

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:

Harvey Bennett/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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