Florida Insurance Consumer Advocate Robin Westcott Asks Citizens Property Insurance to Address Questions on Recently Approved Surplus Note Take-Out Program
Oct 1, 2012
Florida Insurance Consumer Advocate Robin Smith Westcott sent a letter to Citizens Property Insurance Corporation (“Citizens”) Chairman Carlos Lacasa today, October 1, 2012, in which she outlined extensive questions she felt should be addressed at the next Citizens Board meeting (October 9) to ensure that the recently approved surplus note take-out program serves the best interest of Florida insurance policyholders.
“The Office of the Insurance Consumer Advocate shares the Board’s goal of depopulating Citizens and reducing the potential assessments on all property and casualty policyholders in the state,” Westcott wrote. “The surplus note take-out program tentatively approved at the last Board meeting appears to advance this goal. However, Citizens must assure consumers and policymakers that a thorough cost-benefit analysis justifies the commitment of up to $350 million of Citizens’ surplus, as this program would allow.”
Ms. Westcott said the information provided to date on the surplus note take-out program has neither been detailed nor transparent enough to enable a decision to be made on its implementation.
Her complete letter is attached for review.
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