Florida Office of Insurance Regulation Approves Up to 100,000 Citizens Policies for December Takeout

 

The Florida Office of Insurance Regulation (“OIR”) announced today, October 18, 2012, that it has approved the removal of up to 100,000 policies from Citizens Property Insurance Corporation (“Citizens”) by two Florida domestic insurance companies beginning December 4. 

American Integrity Insurance Company was approved to take out 40,000 policies, which adds to the 50,000 it was approved for in November, and Heritage Property & Casualty Insurance Company was approved for 60,000 policies.

As of September 2012, 84,339 policies have been removed from Citizens.  The OIR has approved an additional 6,643 policies for October, 210,000 for November and 100,000 for December.

The OIR news release, which includes a list of approved takeouts by company, is reprinted below.

 

Should you have any questions or comments, please contact Colodny Fass& Webb.

 

Office Approves Up to 100,000 Policies for Citizens December Take-Out

TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today announced the approval of up to 100,00 policies to be removed from Citizens Property Insurance Corporation (Citizens) by two Florida domestic insurance companies starting on December 4, 2012. American Integrity Insurance Company of Florida was approved to take-out 50,000 policies in November and is approved for an additional 40,000 in December. Heritage Property & Casualty Insurance Company, recently licensed in August 2012 and with a home office in St. Petersburg, FL, has been approved to remove 60,000 policies.

There have been 84,339 policies removed from Citizens through the take-out process as of September 2012. The Office has approved up to an additional 6,643 for October, 210,000 for November and 100,000 for December.

In an effort to provide even greater transparency for Citizens policyholders, each of the companies participating in the November and December take-out process created a “Citizens Coverage Comparison” list that details their policy coverage options relative to what is offered by Citizens.

List of Office approved take-outs from October – December 2012:

COMPANY	APPROVED TAKE-OUT MONTH	NUMBER OF POLICY REMOVALS	COVERAGE COMPARISON
First Community Insurance Company	October	6,643	n/a
Florida Peninsula Insurance Company	November	45,000	Coverage Comparison
Homeowners Choice Property & Casualty Insurance Company	November	75,000	Coverage Comparison
Southern Fidelity Property & Casualty, Inc.	November	30,000	Coverage Comparison
Southern Oak Insurance Company	November	10,000	Coverage Comparison
American Integrity Insurance Company of Florida	November December	50,000 40,000	Coverage Comparison
Heritage Property & Casualty  Insurance Company	December	60,000	Coverage Comparison

 

By Florida law, Citizens policyholders will be notified of the take-out request (assumption) and will have 30 days to accept or decline the offer. If policyholders do not respond, they will be “assumed” by the Florida domestic company on December 4^th.

Visit the Office’s Take-Out Companies website page for more information about the take-out process and to view the financial status of all approved take-out companies. You can also visit the Office’s News Release website page for previous press releases regarding Citizens take-outs.

 

 

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