(Tallahassee, FL – Insurance News 360) – The Citizens Property Insurance Corporation (Citizens) has been allowed to remove up to 184, 500 policies from six companies. These policies include 181,909 personal residential insurance policies and 2,591 commercial residential/nonresidential policies.
The six companies allowed to remove policies include Anchor Property & Casualty Insurance Company, Heritage Property and Casualty Insurance Company, Safepoint Insurance Company, Southern Oak Insurnace Company, United Property and Casualty Insurnace Company and Weston Insurance Company.
Anchor has been allowed to remove up to 20,000 personal residential policies; Heritage is allowed to remove up to 50,000 personal residential policies and up to 500 commercial residential policies; Safepoint is approved to remove up to 20,000 personal residential policies; Southern Oak Insurance Company can remove up to 15,000 personal residential policies; United Property and Casualty Insurance can remove up to 50,500 personal residential policies and up to 1,000 commercial residential policies. Weston Insurance Company is approved to remove up to 26,409 personal residential policies, 1,064 commercial nonresidential policies and 27 commercial residential policies.
The take-out periods are November 24, 2015 for personal residential impacting both the Personal Lines/Coastal Account policies and November 17, 2015 for commercial residential/non-residential impacting both the Commercial Lines/Coastal Account policies. This is part of the state’s ongoing depopulation effort to reduce the number of policies in the state-created Citizens and transfer them to the private insurance market.
Source: Florida Office of Insurance Regulation.