Office Approves Removal of Up to 19,535 Policies from Citizens for June 2016 Take-Out
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approved
the removal of up to 19,535 personal residential policies from Citizens
Property Insurance Corporation (Citizens) for the June 21, 2016 take-out
period. The following company has been approved to participate:
Specialty Insurance Company – approved to remove up to 19,535 personal
residential policies (Coastal Account)
Today’s announcement brings
the total number of potential personal and commercial residential policies
approved for take-outs in 2016 to 444,684 with the actual number of policies
removed from Citizens
at 33,434 (as of March 22, 2016). These take-outs are
part of ongoing depopulation efforts to reduce the number of policies in state-created
Citizens and transfer them back into the private insurance market.
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.