Michael Moline
Florida regulators have agreed to allow private companies take over nearly 70,000 policies from Citizens Property Insurance Corp., the state-run insurer of last resort.
“The Office of Insurance Regulation has determined that these companies have the experience and financial security to offer takeout policies for this number of policies,” Michael Peltier, a spokesman for Citizens, said Tuesday.
He added a caveat:
“Remember that these figures represent the maximum number of policies approved by OIR for this takeout. History shows that the number of Citizens policyholders who will receive and accept offers will be significantly less than the number approved by OIR.”
In total, 69,743 policyholders would be eligible to make the shift in November.
That would bring to 570,000 the number of policies approved for “take-out” from Citizens by private insurers thus far in 2016.
However, only 47,308 have actually left Citizens this year. Policyholders are not obliged to abandon Citizens for private insurers if offered that option.
The private insurers involved are Homeowners Choice Property & Casualty Insurance Co., National Specialty Insurance Co., Safepoint Insurance Co., and Weston Insurance Co.
One comment
Carlos
September 9, 2016 at 8:22 am
Michael Moline
These “approved to move” policies, do they come with an incentive from Citizen’s? Curious as to why so few are actually acted upon by consumers. Thanks.
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