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In his June 2 veto letter addressed to Secretary of State Kenneth W. Detzner, Scott expressed his objections to the legislation, saying the bill “undermines progress in growing the number of property insurance options and reducing assessment risks for Florida Families.”
According to the Florida House of Representatives Final Bill Analysis, as of July 1, 2015, a policyholder may elect not to be solicited for takeout more than once in a six-month period.
Scott wrote that this provision was of primary concern to him.
“This provision is inherently unfair to Citizens’ policyholders in that it limits policyholders’ private market options, which means they miss an opportunity to move to a better property insurance alternative,” he wrote.
The Citizens depopulation effort has proven to be successful, yet controversial, in lowering Citizens’ policy count and ensuring the insurer’s ability to pay claims for policyholders that cannot find insurance in the private market. Just this past March, the company announced that it is the smallest it has been since its creation in 2002, with a policy count of less than 600,000 as of March 13. That number represents a huge drop from its highest policyholder count of 1.5 million, or about 26 percent of the Florida residential market, in November 2012.
The insurer’s approved take-outs as of May 15 of this year totaled 632,286 and the total number of policies removed was 110,529.
”The reality is that significant improvements in profitability and the increasing financial strength of companies has been a major factor in our ability to return to our role as the state’s insurer of last resort,” Citizens President and CEO Barry Gilway told the Citizens Board of Governors back in March.
Please enjoy the full article below!
http://www.insurancejournal.com/news/southeast/2015/06/04/370549.htm
