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The Florida Office of Insurance Regulation will hold a public hearing on Citizens Property Insurance Corporation’s pending rate filings today in Tallahassee. The hearing begins at 9:00 a.m. in the Senate Office Building. The hearings will allow the Office of Insurance Regulation to publicly discuss and receive comments on the pending filings for Citizens for […]
Citizens Property Insurance Corporation recently announced that it had 727,122 policies as of November 30, 2014. This is about half of Citizens’ policy count a few years ago when it reached a high of about 1.4 million policies. The Citizens portfolio consists predominantly of personal residential policies, although it continues to have significant commercial exposure […]
The Florida Office of Insurance Regulation holds a public hearing today to discuss and receive input on Citizens Property Insurance Corporation’s proposed rate changs for its Coastal Account and Personal Lines Account (PLA). The proposed statewide average rate increase for homeowners’ policies, including sinkhole coverage, are 11.1 percent for the Coastal Account and 12 percent for the Personal Lines Account. Sinkhole prone […]
The Florida Office of Insurance Regulation will hold a public hearing September 20 to discuss and receive input on Citizens Property Insurance Corporation’s proposed rate changs for its Coastal Account and Personal Lines Account (PLA). These accounts include policies for personal residential insurance policies such as homeowners and mobile home owners’ policies. The proposed statewide average rate increase for homeowners’ policies, […]
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 […]
Governor Rick Scott has signed a bill into law changing the way Citizens Property Insurance Corporation will levy assessments following a storm. The bill (HB 1127) had the support of the Office of Insurance Regulation, the Insurance Consumer Advocate, Citizens and the insurnace industry. Under the new law, Citizens will not levy regular assessment on the personal lines […]
The legislature passed a bill in the recently concluded 2012 session changing the way Citizens will recover deficits through assessments. The bill was unique in that it enjoyed broad support from the Office of Insurance Regulation, the Insurance Consumer Advocate, Citizens Property Insurance Corporation and the insurance industry. Despite this support, the proposal was in […]
