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Press Release
FOIR approves removal of up to 15,000 policies from Citizens for July 2016 take-out
The Florida Office of Insurance Regulation (Office) has approved the removal of up to 15,000 personal residential policies from Citizens Property Insurance Corporation (Citizens) for the July 19, 2016 take-out period. The following company has been approved to participate:
- Southern Oak Insurance Company – approved to remove up to 15,000 personal residential policies (10,000 Personal Lines Account/5,000 Coastal Account)
Today’s announcement brings the total number of potential personal and commercial residential policies approved for take-outs in 2016 to 459,684 with the actual number of policies removed from Citizens at 33,434 (as of March 22, 2016). These take-outs are part of ongoing depopulation efforts to reduce the number of policies in state-created Citizens and transfer them back into the private insurance market. Policyholders who receive a take-out offer may choose to remain covered by Citizens through the opt-out process.
For more information, please visit the Office’s “Take-Out Companies” webpage at:http://www.floir.com/Sections/PandC/TakeoutCompanies.aspx.
About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visitwww.floir.com or follow us on Twitter @FLOIR_comm and Facebook.
