The Florida Office of Insurance Regulation (OIR) has approved the following company to participate in the April Citizens Property Insurance Corp. take-out period.
April 18, 2017 Personal Residential Take-Out Period:
- Southern Oak Insurance Co. – approved to remove up to 15,000 personal residential wind-only policies (5,000 Personal Lines Account/10,000 Coastal Account)
This approval brings the total number of potential personal and commercial residential policies approved for take-outs in 2017 to 57,724. These take-outs are part of ongoing depopulation efforts to reduce the number of policies in state-created Citizens and transfer them back into the private insurance market. Policyholders who receive a take-out offer may choose to remain covered by Citizens through the opt-out process.
Source: Florida Office of Insurance Regulation
Topics Florida
Was this article valuable?
Here are more articles you may enjoy.
Zurich to Buy AIG’s Travel Insurance Business for $600 Million 
Three Charged With Helping Agents Cheat on Florida Insurance License Exams 
Microsoft Tells Texas Agencies They Were Exposed in Russian Hack 
GEICO Tops Progressive With Higher J.D. Power Scores 
