Regulators Approve More Citizens’ Policies For Takeout

October 6, 2016

Nearly 100,000 Citizens Property Insurance policies will be offered to five private insurers, as state regulators Monday approved a final round of policy “takeouts” for the year.

The Office of Insurance Regulation approved December takeouts for Avatar Property & Casualty Insurance, National Specialty Insurance, Safepoint Insurance, Southern Fidelity Insurance and Southern Fidelity Property & Casualty. Most of the 97,390 policies that could be moved are personal-lines accounts, with 12,217 policies from coastal accounts and 1,925 from commercial non-residential accounts.

The takeout program has been a key part of Citizens’ strategy to move policies into the private sector, reducing the state-backed insurer’s risks. Most of the newly targeted policies, however, are expected to remain with Citizens, as private firms have historically sought to pick up the least-risky policies.

Citizens customers also can opt to reject the offers from private insurers.

Since the start of the year, the Office of Insurance Regulation has approved 667,470 policies to be removed from Citizens. Many of the same policies are made available to more than a single company. As of Monday, 48,360 had changed hands.

As of Aug. 31, Citizens had 491,695 policies.

Comments

One Response to “Regulators Approve More Citizens’ Policies For Takeout”

  1. Linda on October 6th, 2016 12:12 pm

    Does this mean people with aluminum wiring in their homes can get insurance?

Written by William Reynolds · Filed Under News