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Citizens Property Insurance Corporation is changing the depopulation process for personal lines assumptions taking place on and after February 21, 2017. The changes are intended to increase policyholder choice and bring greater efficiency to the process for policyholders, agents, takeout companies and Citizens. The new process is based, in part, changes required by HB 931, which passed […]
House Bill 931 has been signed into law, becoming Chapter Law 2016-229. The new law makes several changes affecting Citizens Property Insurance Corporation. Among the key changes, the following take effect July 1, 2016: Citizens may appoint as agents only those agents who have and continuously maintain at least one appointment with an insurer actually […]
The policy count at Citizens Property Insurance Corporation continues to decline, with further reductions projected over the next few months. Citizens had more than 1.4 million policies just two years ago. As of July 31 of this year, it had fewer than 950,000 policies. Citizens president Barry Gilway recent said he expects Citizens to have […]
Citizens Property Insurance Corporation president Barry Gilway recently commented that Citizens has the worst coverage in the marketplace, but it is not deterring about 8000 Floridians a week from obtaining coverage with the residual market. Gilway and Citizens are working toward a better method of allowing interested companies to write policies before they enter Citizens in […]
Two insurers have been authorized to assume up to a combined 100,000 policies from Citizens Property Insurance Corporation in December 2012, on the heels of assumption requests for November totaling up to 210,000 policies. With almost 90,000 policies removed earlier this year, private market interest in Citizens assumptions is up dramatically this year compared to […]
The Florida Office of Insurance Regulation has approved an additional 60,000 policies to be removed from Citizens Property Insurance Corporation in November 2012. This is in addition to 150,000 policies previously approved for November assumption, and adds to the 84,339 policies already assumed during this calendar year. “One of the Office’s goals continues to be to support a […]
Citizens Property Insurance Corporation is implementing a reduced blackout window for insurer assumptions. The blackout window recognizes that Citizens must process and mail nonrenewal notices in connection with the assumptions, so insurers can choose only those policies with expiration dates far enough in the future to allow proper notice. Senate Bill 408 allows Citizens to reduce […]
Citizens Property Insurance Corporation hosted a depopulation summit last week in Tampa. The event has been widely discussed in the media and other forums. These summaries typically provide a broad overview of the discussion, often concentrating on the public policy considerations that go along with decisions about the extent to which property insurance prices should […]
Citizens Property Insurance Corporation is hosting a depopulation summit today in Tampa. The session will begin with a discussion of the recent survey Citizens conducted to determine insurers’ thoughts on removing policies. Topics to be discussed in this area include the ability of insurers to charge adequate rates, the availability and cost of reinsurance for […]
Citizens Property Insurance Corporation recently sent a survey to companies authorized to write property insurance in Florida seeking their input regarding impediments to depopulation. Citizens’ policy count has increased dramatically in recent months, and interest in so-called take-out has been limited. The reconstituted depopulation committee of Citizens met last week to consider the results. The […]
