Sen. Simmons wants regulators, industry to draft property insurance solutions
property insurance, Insurance Regulation News, PIP, Florida Legislature, Office of Insurance Regulation, Kevin McCarty, Citizens Property Insurance Corporation
News & Updates
Citizens Property Insurance Corporation
Gov. Scott, panel call for property insurance reforms
Insurance Regulation News, Governor Rick Scott, property insurance, 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 […]
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 […]
Regulators OKs Citizens’ increases for homeowners
property insurance, Insurance Regulation News, Office of Insurance Regulation, Kevin McCarty, Citizens Property Insurance Corporation
OIR Approves Citizens Rates
The Office of Insurance Regulation has approved rates for Citizens’ homeowners and dwelling programs. The average rate increase is 10.8% for homeowners insurance and 8.8% for the dwelling program. Rate increases for sinkhole coverage are higher (by percentage), although less than Citizens’ indicated rates. The OIR approved the rates through an Order (attached). Citizens’ ratemaking […]