pp. 29–30, §627.351(6)
Changes the current depopulation procedures by requiring that take-out offers be communicated by Citizens and not the take-out company. Notice of a take-out offer must include standardized information that compares the coverage and estimated premium of each take-out offer to the coverage and premium provided by Citizens and must advise policyholders that they may accept or reject any offer. The reforms must be in place by January 1, 2017.
Citizens is required to adopt programs to reduce the number of insured properties and to decrease its financial exposure. The depopulation program, as it is known, encourages insurance companies licensed in Florida to assume policies currently covered by Citizens, thus reducing Citizens’ policy count and exposure.
Effective date: July 1, 2016
Chap. No. 2016-229, LOF