Florida Property Insurance: Citizens Has Value To Residents
Citizens Property Insurance Corporation, Office of Insurance Regulation, Insurance Regulation News, property insurance
News & Updates
Citizens Property Insurance Corporation
Citizens Rate Discussion Resumes
Rate levels for Citizens Property Insurance Corporation once again will be in the spotlight this week. The board of governors will hold a workshop to discuss Citizens’ rate levels for the upcoming year. Under Florida law, Citizens submits recommended rates to the Florida Office of Insurance Regulation, which then is responsible for approving Citizens’ final […]
Citizens Reduces Blackout Window
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 Seeking Reduction of PLA Account
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 […]
Nelson, Richter Release Insurance White Paper
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 […]
The Composition of Citizens and Its Effect on Depopulation
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 […]
Florida lawmakers fire salvo in insurance war
Office of Insurance Regulation, Citizens Property Insurance Corporation, hurricane season, Insurance Regulation News, Florida Legislature, Florida Hurricane Catastrophe Fund
Editorial: We’re at high risk
property insurance, Insurance Regulation News, Florida Legislature, Florida Hurricane Catastrophe Fund, hurricane season, Office of Insurance Regulation, Citizens Property Insurance Corporation
Citizens Names New Chief Executive Officer
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 […]
Private insurers could be in more trouble than Citizens in storm season
Insurance Regulation News, Florida Hurricane Catastrophe Fund, hurricane season, Office of Insurance Regulation, Citizens Property Insurance Corporation