Office Approves Removal of Up to 15,000 Policies from Citizens for July 2016 Take-Out
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has approved the removal of up to 15,000 personal residential policies from Citizens Property Insurance Corporation (Citizens) for the July 19, 2016 take-out period. The following company has been approved to participate:
· Southern Oak Insurance Company – approved to remove up to 15,000 personal residential policies (10,000 Personal Lines Account/5,000 Coastal Account)
Today’s announcement brings the total number of potential personal and commercial residential policies approved for take-outs in 2016 to 459,684 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.