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Fla. regulator approves removal of up to 97,390 policies from Citizens

The Florida Office of Insurance Regulation has approved theremoval of up to 97,390 policies from Citizens Property Insurance Corp. for the Decembertakeout period.

For the Dec. 20 personal residential takeout period, theregulator approved AvatarProperty & Casualty Insurance Co. to remove up to 10,900personal residential policies in the personal lines account. wasapproved to remove up to 2,217 personal residential policies in the coastalaccount. FLOIR also approved Safepoint Insurance Co. to remove up to 20,000 policiesin the personal lines account and 10,000 policies in the coastal account. Itfurther approved SouthernFidelity Insurance Co. Inc. and Southern Fidelity Property & Casualty Inc. to eachremove up to 26,174 policies in the personal lines account. A total of 95,465policies were approved for removal in the Dec. 20 takeout period.

For the Dec. 13 commercialnon-residential takeout period, FLOIR approved Avatar Property & CasualtyInsurance to remove up to 100 policies in the commercial lines account. It alsoapproved Safepoint Insurance to remove up to 250policies in the commercial lines account and 1,575 policies in the coastalaccount. A total of 1,925 policies were approved for removal in the Dec. 13takeout period.

Thelatest removal brings the total number of policies approved for takeout in 2016to 667,470.