Citizens Updates Procedures for Data Requests
Insurers seeking to assume policies from Citizens Property Insurance Corporation understand the need to periodically obtain the most recent data from Citizens regarding its in-force policies. Likewise, a prospective investor group may be interested in obtaining the Citizens data to evaluate assumption opportunities and develop its business plan.
Under updated procedures recently developed by Citizens, the scope of data available for analysis differs depending on whether the requesting party is an existing insurer or a proposed company in formation. The procedures follow a review of Florida’s public records laws and exemptions specific to Citizens.
An existing insurer may access the full Citizens data set, which includes policyholder specific information. This is designed to facilitate the identification of specific policies the insurer might want to assume. However, for a company in formation, the data set will not include policyholder identifiers for privacy considerations. The data set will, however, include ZIP Code level information that the prospective company can use it its preliminary analyses. Of course, the company may obtain the full data set as it proceeds through the COA process and becomes a viable candidate for actually conducting an assumption.