Surplus Lines Insurers Could Pick Up Citizens Policies Under Senate Bill

 Monday, April 28, 2014

 Insurance Journal

Homeowners seeking coverage from Citizens Property Insurance could wind up getting policies from unregulated out-of-state insurers. The Florida Senate on Friday voted 22-16 for a property insurance bill that could result in homeowners seeking coverage from Citizens to be shifted to a private surplus line insurance company. Surplus line companies are not subjected to the same regulations as companies based in the state.
Several senators objected to the legislation, including Republicans who live in areas with heavy concentrations of customers with the state-created Citizens.
PropertyLegislation & Regulation