Personnel note: Bo Rivard named to Citizens Insurance Board of Governors
CFO Jimmy Patronis, Board of Governors, Insurance Regulation News, Citizens Property Insurance Corporation
News & Updates
Board of Governors
Florida Bar Approves Litigation Cost Insurance Pass-Through
The Florida Bar Board of Governors recently determined that it is permissible for attorneys to ask their clients to the cost of “litigation cost protection” insurance. This form of insurance reimburses an attorney up to the insured amount of costs advanced on behalf of the client if the attorney takes a case to trial and […]
Citizens Emergency Assessment Ends by July 1
The Office of Insurance Regulation has issued an order to insurers advising that the Citizens Property Insurance Corporation emergency assessment relating to a 2005 plan year deficit will end effective July 1, 2015. The OIR’s order follows action by the Citizens Property Insurance Corporation Board of Governors relating to the defeasance of bonds issued in […]
Citizens Proposes Small Personal Residential Rate Decrease
Over the last few years, we have grown accustomed to talking about Citizens Property Insurance Corporation’s rates being inadequate and serving as an impediment to policies finding coverage in the admitted market. However, as the rate glide path in 2010 has continued to take effect each year, an increasing number of insurers have been assuming […]
Citizens Names Members to Executive Team
Citizens Property Insurance Corporation has named two new members to its executive team. Board member John Rollins recently resigned from Citizens’ Board of Governors, stating that he wanted to avoid any conflict of interest as he considered future opportunities with Citizens or in the private sector. Rollins now has been named Citizens’ chief risk officer. […]
Citizens to Obtain Review of Surplus Note Program
The Board of Governors of Citizens Property Insurance Corporation has agreed to spend $200,000 for a review of its proposed surplus note program by Goldman Sachs. In addition, the board authorized up to $200,000 for another review by a firm with actuarial experience. The surplus note program would allocate up to $350 million of Citizens’ surplus to companies seeking to […]
Citizens to Further Review Incentive Plan While Legislators Weigh In
It was another interesting week in Citizens Property Insurance Corporation’s development of a proposed depopulation incentive program. Citizens has been working on a plan that would allow certain insurers to qualify for up to $350 million in surplus notes in exchange for agreeing to remove policies for a 10-year period. In the meantime, other insurers […]
Citizens to Propose Risk Load But Not a New Business Rate
The Board of Governors of Citizens Property Insurance Corporation wresteld with the difficult issue of the residual market’s rate levels at its board and committee meetings last week. Citizens’ rates receive a lot of attention in the media, and admittedly present a unique challenge for this state. Citizens has a substantial share of the market, […]
Financial Stability Oversight Council Seeks Comments
The Financial Stability Oversight Council is seeking comments on an advance notice of proposed rulemaking. Comments must be received by November 5, 2010, and should be submitted using the federal eRulemaking portal. The Dodd-Frank Wall Street Reform and Consumer Protection Act gives the Financial Stability Oversight Council the authority to require that a nonbank financial […]