Guest column: Sandy should be our wake-up call
property insurance, Insurance Regulation News, Florida Legislature, Florida Hurricane Catastrophe Fund, Office of Insurance Regulation, Citizens Property Insurance Corporation
News & Updates
Citizens Property Insurance Corporation
Atwater Wants Cabinet Oversight of Citizens Inspector General
Chief Financial Office Jeff Atwater has suggested that the Governor and Cabinet, serving as the Financial Services Commission, oversee the selection of an Inspector General to review Citizens Property Insurance Corporation. Atwater also wants the Inspector General to report to the Financial Services Commission for at least 12 months. Governor Rick Scott recently called for […]
Your Population Program is Better Than Your Depopulation Program
As the 2013 legislative session approaches, the respective insurance committees of the Florida Senate and House of Representatives are beginning to address issues related to Citizens Property Insurance Corporation. Citizens continues to take on 8000 new policies a week, and notwithstanding substantial depopulation activity late this year its policy count will drift back up as […]
Sen. Simmons wants regulators, industry to draft property insurance solutions
PIP, property insurance, Insurance Regulation News, Florida Legislature, Office of Insurance Regulation, Kevin McCarty, Citizens Property Insurance Corporation
Gov. Scott, panel call for property insurance reforms
Governor Rick Scott, property insurance, Insurance Regulation News, Office of Insurance Regulation, Kevin McCarty, Citizens Property Insurance Corporation
The Worst Coverage in the Marketplace
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 […]
Former Rep. Saunders seeks new insurance company for Keys
property insurance, Insurance Regulation News, Citizens Property Insurance Corporation
Office of Insurance Regulation Establishes Commercial Rates for Citizens
The Florida Office of Insurance Regulation has established the commercial rates for 2013 for Citizens Property Insurance Corporation. The OIR’s action follows recent orders relating to Citizens’ personal residential product lines. Under the OIR’s order on Citizens’ commercial rates, it approved a 9.9% average increase for condominium association policies, as compared to the 11% increased […]
Assumption Requests Top 300,000
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 […]
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 […]