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Takeout Of Citizens Policies Approved For June
April 3, 2016
The Florida Office of Insurance Regulation agreed Friday to allow National Specialty Insurance Co. to acquire up to 19,535 personal residential policies in June from the state-backed Citizens Property Insurance through what is known as the “takeout” process.
The majority of the policies are not expected to exit Citizens, because private insurers typically seek the least-risky policies and policyholders can opt to reject offers. Regulators have approved up to 444,684 policies to potentially be shifted this year in the takeout process. Not all of the takeout periods have occurred, but so far 33,434 policies have changed hands, according to the Office of Insurance Regulation.
The process has helped reduce the number of Citizens policies by about 1 million over the past three years. Citizens reported having 485,588 policies as of Feb. 29.
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