Citizens Board of Governors Aug. 2 Meeting Recap

The Board of Governors (“Board”) of Citizens Property Insurance Corporation (“Citizens”) met on August 2, 2007.  The agenda is enclosed for your review.

Chairman Douglas opened the meeting by wishing the Board a Happy Anniversary—August 2 marks Citizens’ fifth year in existence. 

Meeting Highlights:

• Citizens’ Agent Training and Education Initiative is underway.

• The Board approved the General Counsel (“GC”), President and Chief Financial Officer’s (“CFO”) recommendation to purchase a $10 million Directors and Officers full-coverage insurance policy, with a $250,000 deductible.

• The CFO reported tremendous growth in the Commercial Lines Account.

• All Requests for Proposals for Systematic Review and Evaluation of Service Levels and Operations are due August 31, 2007.

• The Board approved the Draft Code of Ethics (Conflict of Interest Policy and Procedure) dated August 2, 2007, and also authorized the GC to correct any scrivener’s errors. 

• The Board unanimously passed all of the Underwriting and Processing Rule Changes proposed by the Actuarial and Underwriting Committee. 

The Codes of Ethics draft and a document listing the Underwriting and Processing Rule Changes changes is attached.

 

Should you have any questions or comments regarding the above, please feel free to contact our office.