Florida Office of Insurance Regulation Announces Rate Decision for Citizens Property Insurance Corporation’s Commercial Lines Account and Coastal Filings
Oct 19, 2012
The Florida Office of Insurance Regulation (“OIR”) advised today, October 19, 2012, that it has established Commercial Lines and Coastal Account rates for Citizens Property Insurance Corporation. The effective dates for new and renewal rates on all Commercial Lines Account policies are January 1, 2013 and February 1, 2013 for all of Citizens’ Coastal Account policies.
The Order and other documentation is available through the hyperlinks provided in the OIR news release reprinted below.
Additional materials related to the Order are attached.
Should you have any questions or comments, please contact Colodny Fass& Webb.
Office Announces Rate Decision for Citizens Property Insurance Corporation’s Commercial Lines Account and Coastal Filings
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) issued an Order yesterday establishing commercial lines account and coastal rates for Citizens Property Insurance Corporation (Citizens). The effective dates for new and renewal rates on all commercial lines account policies are January 1, 2013 and February 1, 2013 for all coastal account policies.
The overall average statewide rate changes established by the Office are listed below:
|
|
|
(Incl. FHCF Cash Buildup Factor Changes) |
||
|
Account |
Total # of Policies |
Earned Premium Amount |
Original Rate Requested |
Rate Established |
|
COMMERCIAL LINES ACCOUNT #12-14703 – Residential Condo Assn.
|
13,901
32,698
2,247 |
$46,648,852
$155,518,443
$9,796,877 |
11.4% increase
11.0% increase
10.0% increase |
3.1% increase
9.9% increase
10.0% increase |
|
COASTAL ACCOUNT – (Wind Only) #12-15426 – Residential Other than Condo Assn. |
23,005
10,061
36,686 |
$116,868,061
$33,212,446
$86,872,195 |
11.5% increase
11.6% increase
10.0% increase |
10.6% increase
10.8% increase
10.0% increase |
|
TOTAL OVERALL STATEWIDE AVERAGES FOR ALL COMMERCIAL LINES ACCOUNT/COASTAL FILINGS: |
118,598 |
$448,916,874 |
11.0% increase
|
9.5% increase |
The Office reached its decision following a 45-day deliberative review process that included a public hearing conducted on September 20, 2012 in Miami, Florida. This hearing allowed Citizens to present additional information, and featured feedback from the Office of the Insurance Consumer Advocate, members of the legislature, Citizens’ policyholders, and the public.
A decision on Citizens homeowners’ and dwelling fire rate filings was issued on October 1, 2012 and mobile homeowners’ and mobile home physical damage rate filings on October 8, 2012.
Rate filings can be accessed via the I-file database using the following search criteria: enter the file log number or “Citizens” in the company name field. When the selection appears, scroll to the bottom of the results page for the most recent filing information.
For more information about the Citizens public rate hearing and filings, visit the Citizens Property Insurance Rate Filing page on the Office’s website.
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