Citizens Property Insurance Cancels October 15 Depopulation Committee Meeting to Allow Time for Surplus Notes Program Review
Oct 11, 2012
A Citizens Property Insurance Corporation Depopulation Committee meeting scheduled for October 15, 2012, has been canceled to allow additional time for third-party advisors to review Citizens’ proposed Surplus Notes Program (“Program”).
The Depopulation Committee met October 9 to discuss hiring outside advisors to evaluate the Program, which would dedicate a maximum of $350 million to support the assumption of Citizens policies by the private market, and could shrink Citizens by 25 percent.
The Citizens Board of Governors is slated to discuss the outside review at its October 19 teleconference meeting.
To view a Colodny Fass& Webb report on the October 9 Committee meeting, click here.
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