Citizens Board Authorizes 10 Percent Rate Increase and Decrease Caps For Upcoming Filing
Jul 8, 2009
At its July 8, 2009 meeting this morning, Citizens Property Insurance Board of Governors voted 7 to 1 to authorize making a rate filing with the Florida Office of Insurance Regulation that would include, among other features, a 10 percent policyholder level cap on rate increases and a 10 percent policyholder level cap on rate decreases, excluding coverage changes and surcharges. This decision overrode a Citizens Audit Committee recommendation that no rate decreases be effected.
A complete report on this morning’s Board meeting will be forthcoming.
Should you have any questions or comments, please contact Colodny Fass.
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