Consumer Advocate Asks About Surplus Note Program
Insurance Consumer Advocate Robin Westcott sent a letter to Citizens Property Insurance Corporation seeking additional information about several aspects of Citizens’ proposed surplus note program. Her letter encourages Citizens to fully analyze the proposal to ensure that a cost-benefit analysis justifies the commitment of up to $350 million in surplus notes.
The letter asks how Citizens arrived at the proposed note amount of $50 million per insurance, as well as how Citizens derived the chosen bonus calculation. She also asks a series of questions about the modeling analysis underlying the program and whether the results would be different using different models.
Ms. Westcott concludes by stating that she does not expect a formal reply from Citizens but beleives these questions can help the Citizens board evaluate the program and ensure it serves to goal of reducing assessments on Floridians.