House Rejects Shifting Citizens Policies To Out Of State Insurers
TALLAHASSEE (CBSMiami/NSF) - The Florida Office of Insurance Regulation approved another 10,000 residential policies to be shifted from Citizens Property Insurance Corp. to a private carrier.
As part of an ongoing effort to shed policies from the state-backed insurer, regulators announced Tuesday that up to 10,000 residential policies could be picked up July 15th by Sunrise-based Southern Oak Insurance Company.
While not all policies are expected to be moved, the state office has now approved up to 344,341 policies for removal this year.
The announcement came on the same day the House eliminated part of a bill (HB 1109) that would have allowed lightly regulated out-of-state surplus-lines insurers to participate in a clearinghouse that is designed to help move customers and potential customers from Citizens to the private market.
Citizens had 938,439 policies as of March 31st. On Feb. 10th, the agency went under the 1 million mark for the first time since August 2006.
The News Service of Florida contributed to this report.