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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 […]
After 30 days on the job, Citizens Property Insurance Corporation’s CEO Barry Gilway has identified reduction of the Personal Lines Account (PLA) as step one in restoring Citizens’ role as a residual market. By concentrating efforts on reducing the PLA by 500,000 policies, Citizens’ policy count would drop below 1 million policies. Gilway and Citizens hope to […]
Representative Bryan Nelson and Senator Garrett Richter have released a white paper entitled, “How Critical is Property Insurance in Florida?” drawing attention to Florida’s reliance on assessment (taxing) mechanisms to prop up the state’s insurance market. Nelson and Richter point out that Florida is making promises through three government-run entities that the state probably will […]
Policymakers, industry representatives and other interested parties continue to discuss the role of Citizens Property Insurance Corporation in the Florida market and opportunities that might exist to reduce its size. Various parties have proposed ideas for encouraging the admitted market to write more business or to take policies out of Citizens. Citizens officials recently convened […]
Citizens Property Insurance Corporation, Office of Insurance Regulation, hurricane season, Florida Hurricane Catastrophe Fund, Florida Legislature, Insurance Regulation News
Citizens Property Insurance Corporation, Office of Insurance Regulation, hurricane season, Florida Hurricane Catastrophe Fund, Florida Legislature, Insurance Regulation News, property insurance
Citizens Property Insurance Corporation has named Barry Gilway as its new chief executive officer. Gilway will succeed Tom Grady, who has served as its interim president since the resignation of Scott Wallace earlier this year. Gilway most recently has been president of Mattei Insurance Services based in Seattle, Washington. His prior experience includes executive positions […]
Citizens Property Insurance Corporation, Office of Insurance Regulation, hurricane season, Florida Hurricane Catastrophe Fund, Insurance Regulation News
Florida Hurricane Catastrophe Fund, Citizens Property Insurance Corporation, hurricane season, Insurance Regulation News, property insurance
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 […]
