The most recent approved removals include:
- Anchor Property & Casualty Insurance Co. – approved to remove up to 28,000 personal residential policies (21,352 from the personal lines account (PLA) and 6,648 from the coastal account (CA))
- Heritage Property & Casualty Insurance Co. – approved to remove up to 20,000 personal residential policies (17,326 PLA/2,674 CA) and up to 500 commercial residential policies (472 commercial lines account (CLA) and 28 CA)
- Mount Beacon Insurance Co.– approved to remove up to 35,000 personal residential policies (25,000 PLA/10,000 CA)
- Southern Oak Insurance Co. – approved to remove up to 10,000 personal residential (8,500 PLA/1,500 CA)
Citizen's personal lines and commercial lines accounts are mostly non-coastal properties and the coastal accounts are coastal properties.The take-out periods are March 24, 2015 for personal residential impacting both the PLA/CA policies and March 17, 2015 for commercial residential impacting both the CLA/CA policies.
Today's announcement brings the total number of policies approved for take-outs in 2015 to 409,008. In 2014, the total number of policies approved for take-outs was 1,109,644 and the number of policies removed from Citizens as of December 19 was 416,623. By statute, policyholders may choose to remain covered by Citizens during take-out offers, however, they may be at risk of higher assessments.
Source: Florida Office of Insurance Regulation