OIR Approves $2.5 Billion Citizens HRA Bond Issue
Mar 20, 2009
The Florida Office of Insurance Regulation issued an Order today, March 20, 2009, approving the issuance of High-Risk Account Senior Secured Bonds, Series 2009, by Citizens Property Insurance Corporation (“Citizens”) in an aggregate principal amount not exceeding $2,500,000,000 (the “Series 2009 Bonds”). With authorization from its Board of Governors, Citizens may issue the Series 2009 Bonds in one or more series, but, according to the Order, must do so before October 31, 2009.
The Series 2009 Bonds are being issued to provide Citizens with additional resources to assist Citizens in the payment of High-Risk Account claims and expenses.
In its Order, the OIR states that ” . . . the Series 2009 Bonds will enable Citizens to efficiently meet its financial obligations and are reasonably necessary to effectuate the requirements of the Citizens Act.”
To view the Order, click here.
Should you have any questions or comments, please contact Colodny Fass.
To unsubscribe from this newsletter, please send an email to ccochran@cftlaw.com.