Citizens Actuarial Committee Approves Rate Increase of Up to 10 Percent; No Rate Decreases
Jun 23, 2009
After receiving legal counsel from the Florida Office of Insurance Regulation (“OIR”) and its own General Counsel on whether its June 2 rate filing recommendation was consistent with the actuarial soundness provisions of HB 1495, the Citizens Property Insurance Corporation (“Citizens”) Actuarial and Underwriting Committee voted yesterday, June 22, 2009, to remain with a previous recommendation that the Citizens Board of Governors approve an increase in premium of up to 10 percent for all Citizens policyholders, with all decreases set at zero.
A more detailed summary of the meeting will follow.
To view Citizens’ legal opinion on its 2010 rates and policyholder impact, click here.
To view the OIR’s legal opinion, click here.
The next Board of Governors meeting has been rescheduled to July 8 at 9 a.m.. To participate in the call, dial (888) 295-6211.
Should you have any questions or comments, contact Colodny Fass.
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