Topic: Citizens Property Insurance

Up to 75,000 policies were approved for removal Tuesday, but only about 11,000 policies will move from Citizens Property Insurance Corp. into the private market. Still, the timing of the latest take-out round right before hurricane season undercuts one of the arguments for a deal to give another company up to $52 million in backdated premiums for taking over up to 60,000 policies during hurricane season last year.

Lawmakers approved a plan to entice more private companies to underwrite flood insurance but major legislation to reduce the size of the Cat Fund and significantly rollback coverage in Citizens Property Insurance Corp. didn't pass.

Regulators have approved Southern Oak Insurance Co. to select up to 10,000 policies from state-run Citizens Property Insurance Corp. in July.

The latest sinkhole bill, which was inserted into HB 375 after being thwarted in the Senate last week, calls on Citizens Property Insurance Corp. to develop a program requiring customers to choose from a list of vendors for sinkhole repairs.

The House removed a provision which would have allowed surplus lines companies to participate in a program where private insurers can pick up state-run Citizens Property Insurance Corp.'s policies.

A provision allowing unregulated surplus lines insurance companies to participate in state-run Citizens Property Insurance Corp.'s clearinghouse program was stripped out of SB 1672 by the House on Tuesday.

Tampa Bay senators took issue with a provision allowing unregulated, out of state insurers to participate in a program shopping state-run Citizens Property Insurance Corp.'s policies in the private market.

Sen. Latvala blocks move to put sinkhole repair program in a Citizens depopulation bill. The sponsor withdrew the amendment but warned it could come up again.

The state-run insurance company said the plan should save $12 million over five years. Also, Citizens Property Insurance Corp.'s clearinghouse is proving popular, but has placed relatively few policies with private companies compared to the large amount of requests for coverage it has received.

HB 129 requires Citizens Property Insurance Corp. customers to choose from among company-approved vendors to repair sinkhole damages.

The bill, HB 129, requires Citizens Property Insurance Corp. customers to use vendors approved by the state-run insurer to fix sinkhole damage to a home and could come up for a floor vote in the House as soon as Friday.

Rep. Richard Corcoran wants to add an amendment to HB 129 preventing Citizens Property Insurance Corp. from excluding Advanced Pier Technology on its preferred vendor list for sinkhole repairs even though the company is currently being sued for inflating the cost of repairs.

Legislation to push more policies out of state-run Citizens Property Insurance Corp. sailed through the Senate Commerce and Tourism Committee on Monday, but key provisions don't match up with the House version.

State-run Citizens Property Insurance Corp. continues to clash with trial lawyers over legislation to compel Citizens customers to choose from vendors approved by the company to repair sinkhole damages.