The Florida Office of Insurance Regulation has approved the removal of up to 10,000 multi-peril personal residential policies from Citizens Property Insurance to Southern Oak Insurance.
This is part of the state’s ongoing effort to reduce the number of policies in state-backed Citizens and transfer them into the private insurance market.
Southern Oak has requested to remove 8,500 policies from Citizen’s personal lines account (non-coastal properties) and 1,500 from the coastal account (coastal properties) for the September 16, 2014 take-out period.
This brings the total number of policies approved for take-outs this year to 369,341. To date, 110,671 policies have been removed from Citizens.