Citizens Property Insurance Revises Commercial Policy Assumption Opt-Out Timeframes
Oct 5, 2012
Citizens Property Insurance Corporation (“Citizens”) advised today, October 5, 2012, that the opt-out timeframes for Commercial Policy Assumptions have been revised to 30-days pre-assumption and 30-days post-assumption, which is consistent with the current timeframes for Citizens’ Personal Residential Assumptions.
The new timeframes will go into effect with the December 6, 2012 Commercial Assumption, and will allow takeout companies to utilize more current data when making policy selections prior to the assumption.
Attached in PDF format is a 2012 Commercial Depopulation Calendar containing the new deadlines for the December 2012, and January and February 2013 Commercial Assumptions.
Correspondence from the Citizens Depopulation Unit regarding the change is reprinted below.
Should you have any questions or comments, please contact Colodny Fass& Webb.
Revised Opt-Out Time Frames for Commercial Assumptions
Effective 12.06.2012 Commercial Assumption
Citizens has revised the opt-out time frames for Commercial Assumptions to 30-days pre-assumption and 30-days post-assumption. This change, which is consistent with the current opt-out time frames for Personal Residential Assumptions, will go into effect with the 12.06.2012 Commercial Assumption.
The main benefit of this change for Takeout Companies is that they will be able to true-up their desired policy selections one month closer to the assumption. For example, participants in the 12.06.2012 Commercial Assumption will be able to use the September month-end data (IDF) instead of the August month-end data.
The attached 2012 Commercial Depopulation Calendar has been revised to reflect the new due dates for the December, January, and February Commercial Assumptions.
Please let us know if you have any questions.
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