Citizens Florida Market Assistance Plan Board Meeting: October
Oct 27, 2008
Recently, Citizens Property Insurance Corporation (“Citizens”) Florida Market Assistance Plan Board of Governors (“FMAP Board”) held a meeting to review the 2007 Annual and Independent Auditor Reports. To view the complete agenda, click here.
The meeting was called to order by Chairman James Malone, with a quorum of members in attendance.
Joe Bouthillier, Citizens’ Director of Agent Services reviewed the Florida Market Assistant Plan (“FMAP”) 2007 Annual Report (“Report”). To view a copy of the Report, click here.
Funded by a $450 annual assessment of residential property insurers, FMAP was created by the Florida Legislature to aid applicants unable to acquire property and casualty insurance in the voluntary market. If the collected annual assessment amount is insufficient to fund FMAP operations, Citizens provides additional funding. In 2007, FMAP collected $274,050 from assessments and $165,014 from Citizens.
As of December 31, 2007, there were 419 licensed agents registered with FMAP’s online referral program. During 2007, FMAP agents received 49,598 requests for coverage and provided 18,898 coverage offers with voluntary market carriers to registered consumers. Of these offers, 3,971 were accepted and $773 million of exposure risk was placed in Florida’s voluntary insurance market.
In 2007, requests for coverage from the top 10 counties made up approximately 60 percent of all requests. Top counties included: Palm Beach, Broward, Pinellas, Hillsborough, Miami-Dade, Lee, Pasco, Brevard, Volusia, and Orange. Combined, consumers from these counties made 30,336 requests.
Approximately 95 percent of all requests in 2007 were for houses, condos and mobile homes. Houses represented more than 60 percent of all requests. Of all requests received, 70 percent were for homes built between 1955 and 1996. Masonry was the most prevalent construction type requested.
The Committee voted to accept the Report.
The Independent Auditor Report was briefly discussed and revealed no deficiencies in FMAP operations or financial statements.
The meeting was then adjourned.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
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