Transfer of 93,500 policies from Citizens approved

The Florida Office of Insurance Regulation has approved the removal of up to 93,000 personal residential policies and 500 commercial residential polices from Citizens Property Insurance Corporation.

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.

This 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, 2014, is 416,623.

Start-up insurer Mount Beacon Insurance Company was  approved to remove up to 35,000 personal residential policies.

Anchor Property & Casualty Insurance Company was approved to remove up to 28,000 personal residential policies and Heritage Property & Casualty Insurance Company was approved to remove up to 20,000 personal residential policies and up to 500 commercial residential policies.

Southern Oak Insurance Company was approved to remove up to 10,000 personal residential policies.