Latest Headlines
- Century’s Small Town Christmas Parade Turns Out Small With Four Entries, No Santa
- Sunny, Cool Sunday
- Acres Of Christmas Lights, Hayride, Goats In Pajamas At Run-a-muck Ranch In Bratt
- Home for the Paw-lidays Free Dog, Cat Adoptions At Escambia Shelter
- FDOT Completes $7.5 Million Highway 90 Resurfacing Project
- Going Shopping? A Watchful ECSO Eye Has Your Back
- Tate Aggies Soccer And Basketball Earn Friday Night Wins
- No Serious Injuries In Bratt Rollover Crash
- Escambia County’s First Wawa Store Now Open; Four More Planned
- Atmore Man Charged With Fleeing, Striking Officer With Four-Wheeler
Citizens Insurance Policy Clearinghouse Set To Begin Monday
January 23, 2014
An electronic clearinghouse system, expected to keep Citizens Property Insurance Corp. from all but the riskiest homeowners’ policies, is set to go live Monday.
The rollout of the system was delayed for three weeks as privacy questions arose regarding applicant information while policies were marketed to private insurers. The delay was also implemented as the state Department of Economic Opportunity continues to work with vendors to fix a number of problems with its new $63 million Connect unemployment assistance website.
“We’ve been quality assurance testing for several weeks,” Citizens spokesman Mike Peltier responded Wednesday in an email. Initially, only new policies will be run through the clearinghouse.
Four companies — Ark Royal, Florida Peninsula, Safe Harbor and United Property & Casualty — will initially be involved with the clearinghouse. By July 13, Citizens hopes to have up to 16 additional companies brought online.
“The clearinghouse offers dual benefits of helping homeowners find better coverage at comparable rates and reducing Citizens’ exposure,” Citizens Chairman Chris Gardner said in a release. Combined with a number of ongoing mass takeouts of policies by private carriers, Citizens should soon be below the 1 million policy mark for the first time since mid-2006. Citizens ended 2013 with 1,021,694 policies.
Through the clearinghouse, if coverage by a private firm is found within 15 percent of Citizens’ premium, the policy would go to the private carrier. For those who now have Citizens coverage, policy renewals will enter the clearinghouse starting July 1. For existing Citizens customers, renewals will have to go to the private market if comparable coverage is found at or below the state-backed insurer’s rates.
The clearinghouse was part a sweeping insurance package approved by legislators during the 2013 session.
Last August, the Citizens board approved a five-year contract with Bolt Solutions, Inc., to design the software for the clearinghouse. The contract, which has an option for an additional five years, could total $44.9 million over the decade.
Comments