Citizens approves additional 10,000 take-out policies for July
FLOIR has approved the take-out of 10,000 multi-peril personal policies from Citizens to Southern Oak Insurance Company.
The take-out forms part of the Citizens and the state’s efforts to transfer state-backed policies into the private market.
According to the Florida Office of Insurance Regulation, Southern Oak has requested to remove 8,500 policies from Citizen’s personal lines account—which relates to non-coastal properties and 1,500 from the coastal account—which covers state coastal properties for the July 15, 2014 take-out period.
The take-out brings the number of policies approved for transfer into the private market to 344,341 for the year. Policyholders are then given the option to opt into the take-out or remain with Citizens. To date 106,380 have chosen the private market option.