Citizens Property Insurance Corporation
|
|
- Jewel Richards
- 5 years ago
- Views:
Transcription
1 Citizens Property Insurance Corporation Presentation ti to the Financial i Services Commission i Barry Gilway, President/CEO and Executive Director June 26, 2012
2 An Historical Look at Citizens Growth by Account Policy Counts by Year and Account Policy Counts 1,200,000 1,000, , ,000 PLA Coastal Account CLA Liquidation of Poe Financial Group due to 2004/2005 claims High volume of depopulation activity High volume of depopulation activity Liquidation of 3 FL domestic carriers and State Farm partial withdrawal from market Increase in financial scrutiny of private carriers by the media. 400, , Q Account Q PLA 936, , , , , , , , , , ,406 1,003, ,581 Coastal Account 465, , , , , , , , , , , , ,970 CLA ,157 3,863 3,702 3,212 8,841 12,911 9,570 9,126 8,453 8,374 8,347 Transition Policies n/a n/a n/a n/a n/a n/a 142,980 n/a n/a n/a n/a n/a n/a Total 1,402, , , , , , ,298,9221,304,9491,084,2371,029, ,283,538 1,472,391 1,439,898 1
3 AMulti Year Look at Probable Maximum Loss (PML) 100 Year Probable Maximum Loss by Account Single Event Occurrence Exceedance 2
4 2012 Estimated Claims Paying Ability Notes: 1.Surplus amounts consist of preliminary (unaudited) 2011 surplus and 2012 projected net income. 2.Pre-Event Liquidity does not represent risk transfer and any monies drawn must be repaid. 3.FHCF coverage is based on preliminary 2012 retention and payment multiples, but the actual retention and limits may be significantly different from these estimates.
5 Implement Basic Product Offer a basic product that will not compete with preferred productsoffered in theprivate market. Implementing coverage changes resulting in a $2B reduction in thepml. Developing a named peril HO8. Continuing i to look at additional i coverage change opportunities that will make us less competitive and/or result in additional PML/exposurereductions. 4
6 Completed Aggressive Risk Transfer Program The transfer and removal of risk reduces exposure and minimizes assessment potential. $750M in private reinsurance purchased $750M in Catastrophe Bonds Issued 5
7 Return of Policies to the Private Market Policies should be returned to and stay in the private market. Year to date 80,288 policies have been removed, representing $19.8B in exposure. Recent Depopulation Summit spurred interest in removing policies and generated creative proposals. Citizensi isactively evaluating various proposals, including those that contemplate using Citizens surplus to augment private market capital. 6
8 Facilitating the Return of Policies to the Private Market Authorized insurers interested in removing policies from Citizens: Obtain access to confidential claims and underwriting files to evaluate books of business in detail. Receive approval, by order, from the Office of Insurance Regulation for takeout plan. Work with Citizens to select policies for removal and to notify policyholders and agents. Receive acceptance of takeout offer from policyholders and agents. Assumption occurs. 7
9 Public Education Campaign Policyholders in Florida need to know the whole story about Citizens. We are developing a comprehensive education campaign focused on funding and coverage differences. Survey Floridians to see whether or not they know about assessment potential Schedule editorial board visits throughout the state Hold town hall meetings Create educational materials for companies and agents to use when discussing insurance choices Revised assessment acknowledgement form to include an example 8
10 Developing a Comprehensive Sinkhole Strategy Citizens sinkhole loss experience is not sustainable. Since 2007, Citizens has collected $206 million in sinkhole premiums while paying $1.2B in losses and allocated loss adjustment expenses. Citizens now requires inspections for new business requesting sinkhole coverage, in 16 counties and will implement a sinkhole re underwriting program for existing business in Citizens is developing a strategy centered around six key components: coverage, claims handling, fraud prevention, litigation, managed repair program and legislation. 9
11 Questions 10
12 Initiatives to Reduce Citizens Exposure Status Update Personal Lines Effective 1/1/2012 Multiperil New and Renewal Business; 2/1/12 Wind only New and Renewal Business Eliminate coverage for screen enclosures and carports Effective 2/1/2012 New Business; 5/1/2012 Renewal lbusiness Decrease maximum coverage in Coastal Account to $1M Effective 3/1/3012 New Business; 4/1/2012 Renewal Business Expand sinkhole inspection to additional 12 counties (total 16 counties) Effective 3/1/2012 New Business; 6/1/2012 Renewal Business Discontinue Builder s Risk Effective 5/1/2012 New Business; 6/1/2012 Renewal Business Implement mandatory 10% Sinkhole Deductible Eliminate Personal Liability increase limit ($300,000) Eliminate option to schedule individual Coverage B items Eliminate increased mold options: Property and Liability Eliminate increased Loss Assessment Coverage of $2,000/$3,000 (HO 3) and $3,000 (HO 6types) Change Coverage B default to 2%, roll back in force and require re election of higher limits Change Coverage C default to 25%, roll back in force and require re election of higher limits Effective 9/1/2012 New Business; 10/1/2012 Renewal Business Revise guidelines to require 30+ year old homes have a 4 point inspection showing the electrical and plumbing systems have been updated and are in good working order Eliminate optional endorsement for Permitted Incidental Occupancies (business use at residence premises) Effective 1/1/2013 Renewal Business (date being confirmed) Implement sinkhole reunderwriting program for existing business; start with Hillsborough County and phase in. Commercial Lines Effective 3/1/2012 New Business; 6/1/2012 Renewal Business Discontinue Builder s Risk Effective New Business; 6/1/2012 Renewal Business Eliminate coverage for all Special Class Items except for in ground poolsand masonry fences, for business other than condominium associations Eliminate Business Income and Extra Expense Coverage 11
13 Initiatives to Reduce Citizens Exposure Status Update Personal Lines Initiatives to be filed with 2013 Rate filing in 3 rd Quarter 2012 Restrict Ordinance & Law to Apply Only to Coverage A (Structural Coverage) Evaluate Automatic Expiration of Wind Mitigation Credits After 5 Years from Inspection Personal Lines Initiatives to be filed in 2013 Eliminate Liability Coverage for Incidental Exposures Related to Auto, Watercraft, Animal, Home Business and Off Premises Liability Eliminate coverage for losses caused by dropped objects Revise Contract to Reduce Exposure to Water Losses Expand vacancy penalty to Further Restrict Coverage and Address Additional Occupancies Commercial Lines Initiatives to be filed with 2013 Rate filing in 3 rd Quarter 2012 Implement a Commercial Residential coverage limit Reduce Debris Removal Coverage from $10,000 to $5,000 Remove Class B and C Opening Protection Credits Implement separate hurricane deductible for business personal property Eliminate Coverage Extension for Increased Cost of Construction (Ordinance & Law) Implement Exclusion for Losses Where Damage is Only to Exterior Paint damage Increase minimum All Other Perils Deductible Implement a Sublimit for Mold Implement a Mandatory 10% Sinkhole Deductible 12
Citizens Depopulation To-Do List
Citizens Depopulation To-Do List What properties would Citizens likely need to cover as the Insurer of Last Resort? Coastal Properties Older Homes Older Mobile Homes A Portion of Policies in Sinkhole Prone
More informationKaren Holt, Director. Actuarial & Underwriting Committee
Karen Holt, Director Executive Summary Over the past 8 months, Citizens Staff and Board have made several rounds of non statutory product changes intended to offer a more basic level of coverage under
More informationCitizens Property Insurance Corporation Financial Overview
Citizens Property Insurance Corporation Financial Overview Barry Gilway President, CEO and Executive Director Financial Overview YTD Change Change Financial Summary (in billions) Q3-2016 2015 2014 Accounts
More informationCitizens Property Insurance Corporation. Jennifer Montero Chief Financial Officer June 2017
Citizens Property Insurance Corporation Jennifer Montero Chief Financial Officer June 2017 Citizens Policy Count Stabilizing Notes: 1) 2017 policy counts and exposure removed are as of April 18, 2017 2)
More informationCoverage Worksheet. Named Peril with Extended Coverage Option. Replacement Cost. Named Peril with Extended Coverage Option
DP-1 Coverage Worksheet Dwelling Fire Standard Coverages Coverage A: Dwelling (Primary Structure) Covered Causes of Loss Loss Settlement (Replacement Cost or Actual Cash Value) Named Peril with Extended
More informationCitizens Property Insurance Corporation Assignment of Benefits. Christine Ashburn Chief Communications, Legislative and External Affairs
Citizens Property Insurance Corporation Assignment of Benefits Christine Ashburn Chief Communications, Legislative and External Affairs Overview A state-created, not-for-profit, tax-exempt government entity
More informationPresident s Report. Board of Governors December 10, 2014
President s Report Board of Governors December 10, 2014 NOTES: 1. Storm Risk is as measured by 100-year probable maximum loss (PML) plus estimated loss adjustment expenses using the Florida Hurricane
More informationPresident s Report. Board of Governors. December 12, 2018
President s Report Board of Governors December 12, 2018 Industry Overview Source: Florida Domestic Insurance Market Primary Personal Property Writers (excluding Citizens), Willis Towers Watson Page 2 Assessment
More informationCitizens Property Insurance Corporation Management Discussion and Analysis for 2008 NAIC Group Code 0000 NAIC Company Code 10064
Company Background This discussion provides an assessment by management of the current financial position, results of operations, cash flow and liquidity for Citizens Property Insurance Corporation ( Citizens
More informationCitizens Property Insurance Corporation. Annual Report of Aggregate Net Probable Maximum Losses, Financing Options, and Potential Assessments
Citizens Property Insurance Corporation Annual Report of Aggregate Net Probable Maximum Losses, Financing Options, and Potential Assessments February 2018 Table of Contents Purpose and Scope 1 Introduction
More informationCitizens Property Insurance Corporation. Annual Report of Aggregate Net Probable Maximum Losses, Financing Options, and Potential Assessments
Citizens Property Insurance Corporation Annual Report of Aggregate Net Probable Maximum Losses, Financing Options, and Potential Assessments February 2017 Table of Contents Purpose and Scope 1 Introduction
More informationStructure Considerations
Citi 2013 C it l Citizens 2013 Capital Structure Considerations FINANCIAL GOALS & OBJECTIVES Citizens primary financial goals are to: Establish adequate liquidity mechanisms to meet cash flow needs associated
More informationFinancial Services Commission. Annual report of aggregate net probable maximum losses, financing options, and potential assessments
Financial Services Commission Annual report of aggregate net probable maximum losses, financing options, and potential assessments Table of Contents Page number Purpose and Scope 3 Introduction 3 Aggregate
More informationCoverage Worksheet Wind-Only Homeowners. Replacement Cost. $25,000 No
HW-2 Coverage Worksheet Wind-Only Homeowners Coverage Type Standard Coverages Coverage A: Dwelling (Primary Structure) Covered Causes of Loss Wind and Hail Loss Settlement (Replacement Cost or Actual Cash
More informationHW-2 Coverage Worksheet Wind-Only Homeowners
HW-2 Coverage Worksheet Wind-Only Homeowners Coverage Type Standard Coverages Coverage A: Dwelling (Primary Structure) Covered Causes of Loss Wind and Hail Loss Settlement (Replacement Cost or Actual Cash
More informationSINKHOLE RULES REVISION
Florida Statutes restricts the action that any property insurance carrier may take on policies that have reported sinkhole claims. As a result, the insurance industry has taken a conservative approach
More informationPresentation to Florida Senate Banking and Insurance Committee. Belinda Miller Office of Insurance Regulation February 19, 2009
Presentation to Florida Senate Banking and Insurance Committee Belinda Miller Office of Insurance Regulation February 19, 2009 Withdrawal Statute 624.430 Withdrawal of insurer or discontinuance of writing
More informationExecutive Summary. Annual Recommended 2019 Rate Filings
1 Page Annual Recommended 2019 Rate Filings As required by statute, Citizens has completed the annual analysis of recommended rates for 2019. The Office of Insurance Regulation uses this information as
More informationCitizens Property Insurance Corporation Management Discussion and Analysis for 2016 NAIC Group Code 0000 NAIC Company Code 10064
COMPANY BACKGROUND Citizens Property Insurance Corporation (Citizens) was established on August 1, 2002, pursuant to Section 627.351(6), Florida Statutes (the Act), to provide certain residential and non-residential
More informationCitizens Property Insurance Corporation Hurricane Irma Preparation and Response
Citizens Property Insurance Corporation Hurricane Irma Preparation and Response Christine Ashburn Vice President of Communications, Legislative and External Affairs Inforce Policy Counts by Account and
More informationManagement s Discussion and Analysis
Company Background This discussion provides an assessment by management of the financial position, results of operations, cash flow and liquidity for Louisiana Citizens Property Insurance Corporation (LCPIC).
More informationCitizens Property Insurance Corporation: 2013 Rate Hearing. Thursday, September 20, 2012
Citizens Property Insurance Corporation: 2013 Rate Hearing Thursday, September 20, 2012 Citizens Mission and Vision Citizens public purpose is to serve the people of Florida by providing property and casualty
More informationCitizens Property Insurance Corporation PERSONAL AND COMMERCIAL LINES ACCOUNTS SELECTED FINANCIAL INFORMATION STATUTORY ACCOUNTING PRINCIPLES
PERSONAL AND COMMERCIAL LINES ACCOUNTS SELECTED FINANCIAL INFORMATION STATUTORY ACCOUNTING PRINCIPLES Years Ended December 31, (In Thousands Unaudited) 2016 2015 2014 2013 2012 Statement of Admitted Assets,
More informationCitizens Property Insurance Corporation Sharon A. Binnun, CPA
Senate Banking and Insurance Committee Citizens Property Insurance Corporation Sharon A. Binnun, CPA October 4, 2011 What is Citizens? A State-created, not-for-profit, tax-exempt governmental entity whose
More information2014 Risk Transfer Analysis
2014 Risk Transfer Analysis April 2014 Funding Hurricane Losses In terms of hurricane losses, Citizens meets its policyholder obligations through the following three funding mechanisms: Internal Surplus
More informationCoverage Worksheet Wind-Only Condominium Unit Owners
HW-6 Coverage Worksheet Wind-Only Condominium Unit Owners Coverage Type Standard Coverages Coverage A: Dwelling (Primary Structure) Covered Causes of Loss Wind and Hail Loss Settlement (Replacement Cost
More informationPrinciple-Based Reforms for Florida s Property Insurance Market
Principle-Based Reforms for Florida s Property Insurance Market Senate Banking and Insurance Committee January 16, 2013 Kevin M. McCarty, Insurance Commissioner 1 Committee Guidance* Return to a free market
More informationFinancial Services Commission
Financial Services Commission Florida Office of Insurance Regulation Annual report of aggregate net probable maximum losses, financing options, and potential assessments February 2009 Table of Contents
More information2018 Operating Budget
Financial Schedules & Supporting Information Board of Governors Meeting December 13, 2017 This page is intended to be blank Executive Summary 6 2018 Operating Budget Executive Summary Citizens fifteenth
More informationAccount History and Characteristics Citizens Property Insurance Corporation. March 2016
History and Characteristics Citizens Property Insurance Corporation March 2016 Timeline of Citizens s FWUA FPCJUA FPCJUA merges with Citizens Property Insurance Corporation High-Risk Lines Lines PCJUA
More informationCoverage Worksheet Wind-Only Homeowners. Covered Causes of Loss Wind and Hail No. Replacement Cost. $25,000 No. Maximum Coverage A $1,500,000 No
HW-2 Coverage Worksheet Wind-Only Homeowners Coverage Type Standard Coverages Coverage A: Dwelling (Primary Structure) Covered Causes of Loss Wind and Hail (Replacement Cost or Actual Cash Value) Replacement
More informationConsolidated Direct Written Premium
The following is an analysis of Citizens financial and operating results for the second quarter of 2018. - PREMIUMS - Consolidated direct written premium for the first half of 2018 was $460.0 million or
More information2012 RECAP AND 2013 QUARTERLY REVIEW. May 2013
2012 RECAP AND 2013 QUARTERLY REVIEW May 2013 2012 YEAR IN REVIEW Citizens started 2013 in its strongest financial position, with year-end surplus of $6.3 billion and total claims-paying capacity from
More information2017 Operating Budget
Financial Schedules & Supporting Information Board of Governors Meeting December 07, 2016 Board of Governors Chris Gardner, Chairman of the Board Don Glisson, Vice Chair Gary Aubuchon Juan Cocuy James
More informationReport No August 2015 CITIZENS PROPERTY INSURANCE CORPORATION. Operational Audit. Sherrill F. Norman, CPA Auditor General
August 2015 CITIZENS PROPERTY INSURANCE CORPORATION Operational Audit Sherrill F. Norman, CPA Auditor General Citizens Property Insurance Corporation Board of Governors Section 627.351(6)(c)4., Florida
More informationPeachtree Special Risk Brokers, LLC 621 NW 53 rd Street, Suite 385, Boca Raton, FL Office Fax
Date: June 8, 2017 Peachtree Special Risk Brokers, LLC 621 NW 53 rd Street, Suite 385, Boca Raton, FL 33487 Office 561-981-5814 Fax 866-479-6156 www.psrllc.com To: Wells Fargo Boca Raton From: Heather
More informationCoverage Worksheet Wind-Only Homeowners
HW-2 Coverage Worksheet Wind-Only Homeowners This document is for information purposes only to provide a quick reference guide. This information does not confer any rights upon you and does not alter,
More informationDepopulation Program Analysis. September 6, 2012
Depopulation Program Analysis Depopulation Committee September 6, 2012 Background Unlike a private insurer, Citizens does not have the ability to manage its book of business Citizens accepts most risks
More informationQuarterly Financial Analysis. March 2016
Quarterly Financial Analysis March 2016 Table of Contents Financial Highlights... 3 Combined Direct Written Premium (TTM)... 4 Combined Direct Earned Premium (TTM)... 5 Combined YTD Ceded Written Premium
More informationBarry Gilway Opening Comments August 23, 2017 Rate Hearing
Barry Gilway Opening Comments August 23, 2017 Hearing Slide 1: Good afternoon and thank you to Florida International University for hosting this rate hearing. You have a beautiful campus and provide an
More informationHomeowners (HO) & Dwelling Fire (DF) Rate & Rule Presentation
2008 OIR Filing and Compliance Symposium Homeowners (HO) & Dwelling Fire (DF) Rate & Rule Presentation Robert Lee, Actuary Ken Ritzenthaler, Actuary 1 Introduction Few Rate Collection System (RCS) changes
More informationAMENDATORY ENDORSEMENT FLORIDA
This endorsement changes the policy Page 1 of 5 -- PLEASE READ THIS CAREFULLY -- AMENDATORY ENDORSEMENT FLORIDA 1. Under Common Policy Conditions, Cancellation is deleted and replaced by the following:
More informationTotal liabilities and accumulated surplus $7,202,848 $7,153,042 $7,743,438 $8,309,308 $8,320,077 $7,832,947 $5,093,311
COASTAL ACCOUNT (Formerly the High Risk Account or HRA) SELECTED FINANCIAL INFORMATION STATUTORY ACCOUNTING PRINCIPLES As of December 31, (in thousands) (audited) (audited) (audited) (audited) (audited)
More informationAdmitted Assets: Liabilities and membersʹ surplus:
COASTAL ACCOUNT (Formerly the High Risk Account or HRA) SELECTED FINANCIAL INFORMATION STATUTORY ACCOUNTING PRINCIPLES Years Ended December 31, (In Thousands audited) 2013 2012 2011 2010 2009 2008 2007
More informationAdmitted Assets: Liabilities and policyholder surplus:
COASTAL ACCOUNT (Formerly the High Risk Account or HRA) SELECTED FINANCIAL INFORMATION STATUTORY ACCOUNTING PRINCIPLES As of December 31, (in thousands) (unaudited) (unaudited) (unaudited) (unaudited)
More informationFinancial Statements. For the period ended September 30, (Unaudited)
Financial Statements For the period ended September 30, 2013 (Unaudited) Table of contents September 30, 2013 Summary of financial results - (unaudited) 1 Consolidated financial statements - (unaudited)
More informationENROLLED 2013 Legislature CS for SB 1770, 3rd Engrossed
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 An act relating to property insurance; amending s. 215.555, F.S., relating to the Florida Hurricane Catastrophe Fund; revising
More informationCitizens Property Insurance Corporation
This discussion provides an assessment by management of the consolidated financial position and the results of operations for Citizens Property Insurance Corporation ( Citizens or the Company ) for the
More informationDec Financial Report and Summary of Financial Results
Dec 2016 Financial Report and Summary of Financial Results Dec 2016 Table of Contents SUMMARY OF FINANCIAL RESULTS COMBINED (UNAUDITED)... 1 SUMMARY OF FINANCIAL RESULTS BY ACCOUNT (UNAUDITED)... 2 COMBINED
More informationThe Florida Senate AVAILABILITY AND COST OF RESIDENTIAL HURRICANE COVERAGE. Revised Interim Project Summary September 1999 SUMMARY
Committee on Banking and Insurance The Florida Senate Revised Interim Project Summary 2000-03 September 1999 Senator James A. Scott, Chairman AVAILABILITY AND COST OF RESIDENTIAL HURRICANE COVERAGE SUMMARY
More informationDepopulation Package Prepared by FAIA. Homeowners Choice P&C
Depopulation Package Prepared by FAIA Homeowners Choice P&C 9/25/2012 HO3 Coverage Comparison Coverages Homeowners Choice Citizens (as of 1/2012) Coverage A - Dwelling (max limit) 1,000,000 1,000,000 0%
More informationHomeowners Insurance Application
HOH265710 Policy Effective Date: 3/20/2017 Policy Expiration Date: 12:01 AM Date/Time Printed: 3/13/2017 1:08:15PM Policy Form: HO3 Risk ID: HOH265710 Phone: (888)254-5014 Fax: (866)776-8320 Agent: Brightway
More informationCitizens Property Insurance Corporation. Financial Statements. December 31, 2014 and 2013
Financial Statements December 31, 2014 and 2013 Table of Contents December 31, 2014 and 2013 Independent Auditors Report 1 2 Management s Discussion and Analysis 3 11 Financial Statements Statements of
More informationThe more I contemplated my vote afterward, the more concerned I became that while we had intended to do a good
1 I was one of the legislators who voted for HB 1A in the January 2007 special session. I did not have any professional knowledge of the insurance industry and yet I was called upon to make policy decisions
More informationHomeowners Insurance Application
HOH265283 Policy Effective Date: 3/6/2017 Policy Expiration Date: 12:01 AM Date/Time Printed: 3/6/2017 10:05:59AM Policy Form: HO3 Risk ID: HOH265283 Phone: (813) 253-0819 Fax: (813) 379-2626 Agent: Jay
More informationSTATE NATIONAL INSURANCE COMPANY, INC.
INSURANCE APPLICATION STATE NATIONAL INSURANCE COMPANY, INC. APPLICATION DETAIL Effective / Expiration Date Policy Number Date [MM/DD/YYYY] [MM/DD/YYYY] 12:01 AM Standard Time at the residence premises
More informationPage 1 of 6 PEOPLES TRUST INSURANCE COMPANY 18 PEOPLES TRUST WAY, SUITE 200 DEERFIELD BEACH, FL 33441 PACIFIC CREST SERVICES, INC. DBA LAKEWOOD FINANCIAL SERVICES, INC (0013/00-00): (941) 747-4600 HOMEOWNERS
More informationCitizens Property Insurance Corporation. Statutory-Basis Financial Statements and Supplementary Information
Citizens Property Insurance Corporation Statutory-Basis Financial Statements and Supplementary Information Years Ended December 31, 2016 and 2015 Table of Contents Independent Auditors' Report... 1 Financial
More informationCitizens Property Insurance Corporation. Statutory-Basis Financial Statements and Supplementary Information
Citizens Property Insurance Corporation Statutory-Basis Financial Statements and Supplementary Information Years Ended Table of Contents Independent Auditors' Report... 1 Financial Statements Statutory-Basis
More informationHomeowners Insurance Application
HOH265873 Policy Effective Date: 3/20/2017 Policy Expiration Date: 12:01 AM Date/Time Printed: 3/15/2017 2:39:44PM Policy Form: HO3 Risk ID: HOH265873 Phone: (321)622-5333 Fax: (321)622-5336 Agent: Suntree
More informationPotential Assessments from Florida Hurricanes
April 2, 2012 Potential Assessments from Florida Hurricanes Office of the Insurance Consumer Advocate State of Florida Prepared by: Stephen A. Alexander, FCAS, MAAA TABLE OF CONTENTS SCOPE... 3 LIMITATIONS...
More informationBackground Info on SSIC. Filing History. What the Filing Will Achieve. Filing framework. Our Objectives in the Filing
May 17, 2012 Background Info on SSIC Filing History What the Filing Will Achieve Filing framework Our Objectives in the Filing 2 Incorporated on November 21, 1997 - one of the oldest Florida domiciled
More informationWind Loss Mitigation Florida Commission on Hurricane Loss Projection Methodology October 29, 2009
Wind Loss Mitigation Florida Commission on Hurricane Loss Projection Methodology October 29, 2009 Role of a Florida Domestic Property Insurance Company Develop and manage a portfolio of insured properties.
More informationAssumption Reinsurance Depopulation Program. Annual Process. Assumption Depopulation: Annual Process
Assumption Reinsurance Depopulation Program Annual Process Pg 1 Annual Process for the Assumption Reinsurance Depopulation Program Summary Timeline Carrier Period (August & Prior) Agent Period (September
More informationUnderwriting Guide. Contact Security First Insurance. Supporting Documentation. SecurityFirstFlorida.com. Ineligible Risks. Submission Requirements
Ineligible Risks Supporting Documentation Must be submitted for either policy credit or eligibility Uniform WLM Form Verification Inspection (v. 01/12) Plumbing inspection (see submission requirements
More informationOffice of Insurance Regulation
Office of Insurance Regulation Update on the Presumed Factor Program Presentation to the Senate Committee on Banking and Insurance January 8, 2008 Florida Market Share Report Quarter Ending September 30,
More informationFinancial Statements. For the year ended March 31, (Unaudited)
Financial Statements For the year ended March 31, 2012 (Unaudited) Table of contents March 31, 2012 Summary of financial results - (unaudited) 1 Consolidated financial statements - (unaudited) Statutory
More informationFinancial Statements. For the year ended June 30, (Unaudited)
Financial Statements For the year ended June 30, 2012 (Unaudited) Table of contents June 30, 2012 Summary of financial results - (unaudited) 1 Consolidated financial statements - (unaudited) Statutory
More informationSolvency and Capacity Overview
Solvency and Capacity Overview Sharon Binnun, CPA Deputy Insurance Commissioner Florida Office of Insurance Regulation November 14, 2005 OIR s Mission To ensure that insurance companies licensed to do
More informationCitizens Property Insurance Corporation. Statutory-Basis Financial Statements and Supplementary Information
Citizens Property Insurance Corporation Statutory-Basis Financial Statements and Supplementary Information Years Ended December 31, 2017 and 2016 Table of Contents Independent Auditors Report... 1 Financial
More informationTABLE OF CONTENTS OVERVIEW...1 BINDING AUTHORITY...1 ELIGIBILITY CRITERIA...2 COVERAGE LIMITS.3 COVERAGES.3-4 LOSS SETTLEMENT 5-7 MID-TERM CHANGES..
Commercial Hurricane Underwriting Manual 2016 TABLE OF CONTENTS OVERVIEW...1 BINDING AUTHORITY...1 ELIGIBILITY CRITERIA...2 COVERAGE LIMITS.3 COVERAGES.3-4 LOSS SETTLEMENT 5-7 MID-TERM CHANGES..8 CANCELLATIONS..8
More informationProperty Insurance Legislation Enacted from 2006 to 2008
Property Insurance Legislation Enacted from 2006 to 2008 2006 Regular Session Funding the 2005 Deficit of Citizens Appropriates $715 million from General Revenue to Citizens to partially offset the 2005
More informationHO-3 & HO-3T HOMEOWNERS (Underwritten by Lloyd s of London)
GENERAL UNDERWRITING GUIDELINES HO-3 & HO-3T HOMEOWNERS (Underwritten by Lloyd s of London) SERVING THE FOLLOWING STATES: AL GA IL MO MS NC SC TN TX This document includes a summary of the coverages, credits
More informationFlorida Hurricane Catastrophe Fund
Florida Hurricane Catastrophe Fund Advisory Council Meeting May 17, 2018 Introductory Comments 2 1. Meeting called to order & opening comments David Walker, Chair 2. Roll call David Walker, Chair 3. Approval
More informationHomeowner Application
Homeowner Application Applicant s Name: Mailing Agent Name: Agency Code: PROPOSED EFFECTIVE DATES: General Information: From To 12:01 A.M., Standard Time, at the address of the Applicant Billing Method:
More informationLessons Learned from Hurricane Irma Irma s Impact: Insurance Industry Perspective BACK UP INFORMATION
Lessons Learned from Hurricane Irma Irma s Impact: Insurance Industry Perspective BACK UP INFORMATION Barry Gilway, President and CEO FHCF 18 th Annual Participating Insurers Workshop 1 2017 Proposed Risk
More informationREFERENCE ACTION ANALYST STAFF DIRECTOR or. 1) Insurance & Banking Subcommittee 11 Y, 2 N Callaway Cooper
HOUSE OF REPRESENTATIVES STAFF ANALYSIS BILL #: HB 1127 Citizens Property Insurance Corporation SPONSOR(S): Albritton TIED BILLS: IDEN./SIM. BILLS: SB 1346 REFERENCE ACTION ANALYST STAFF DIRECTOR or 1)
More informationAdopted Minutes of August 24, 2005 Meeting of Task Force on Long-Term Solutions for Florida s Hurricane Insurance Market
Adopted Minutes of August 24, 2005 Meeting of Task Force on Long-Term Solutions for Florida s Hurricane Insurance Market The Task Force on Long-Term Solutions for Florida s Hurricane Insurance Market convened
More informationSide by Side: House and Senate Property Insurance Reform Proposals HB Sec
Authorizes OIR to require insurance companies to provide Sec. 17 Same as House Sec. 33 A1 Loss Reporting greater hurricane loss reporting information. p.19 Line 516 p.164 Line 26 Requires a senior officer
More informationACTUARIAL & UNDERWRITING COMMITTEE, MARCH 17, 2015 BOARD OF GOVERNORS MEETING, MARCH 18, 2015
ACTION ITEM BACKGROUND Insurers in Florida, including Citizens, approved by the OIR, designate risks that will be individually rated. Individually rated buildings (also known as Advisory or A-rated risks)
More information2018 Ratemaking Formula Report
Prepared for: Florida Hurricane Catastrophe Fund 2018 Ratemaking Formula Report Andrew Rapoport FCAS, MAAA March 21, 2018 Paragon Strategic Solutions Inc. 1 Agenda 1. What s New? 2. Overall Indications
More informationCONTRACTORS GENERAL LIABILITY APPLICATION (Other than E-Z Rate Contractors)
CONTRACTORS GENERAL LIABILITY APPLICATION (Other than E-Z Rate Contractors) PREQUALIFICATION (Refer to Contractors section of the Underwriting Guide for additional restrictions) 1. Are you involved (past,
More informationYour Exam Content Outline
Your Exam Content Outline The following outline describes the content of one of the New York insurance examinations. The examination will contain questions on the subjects contained in the outline. The
More informationCHAPTER Committee Substitute for Committee Substitute for Senate Bill No. 1672
CHAPTER 2014-104 Committee Substitute for Committee Substitute for Senate Bill No. 1672 An act relating to property insurance; amending s. 626.621, F.S.; providing additional grounds for refusing, suspending,
More informationCoastal Account Senior Secured Bonds Series 2015A Series 2015A-1 (Fixed Rate Bonds) Series 2015A-2 (Floating Rate Notes) Presentation to Investors
Coastal Account Senior Secured Bonds Series 2015A Series 2015A-1 (Fixed Rate Bonds) Series 2015A-2 (Floating Rate Notes) Presentation to Investors May 2015 1 Disclaimer This investor presentation that
More informationFlorida Hurricane Catastrophe Fund
Florida Hurricane Catastrophe Fund Property & Casualty Insurance Reform Committee August 8, 2006 1 What is the FHCF? State Tax-Exempt Trust Fund created by the Florida Legislature for the purpose of providing
More informationMan Made & Unintended..Consequences
Man Made & Unintended..Consequences A conversation about the drivers, the multiple constituents and the unintended consequences of Legislators and Regulators involvement in the details of risk management,
More informationARTISAN CONTRACTORS PROGRAM
Offered through: PO Box 747 Tustin CA 92781 714-389-2460 FAX (714) 783-3291 Edition 05/01/2005 TABLE OF CONTENTS PAGE Program Summary 1 Part I. Scope of Coverage 1 Part II. General Rules 1 A. Policy Term
More informationcitizens assessments
citizens assessments A Consumer White Paper Describing the Impact of Defi cits on the Policyholders of Citizens Property Insurance Corporation Prepared by The Florida Association of Insurance Agents Florida
More informationCommercial Insurance
Customarq Package Commercial Insurance Barb Sandelands EVP, Package Manager, Commercial Insurance Chubb s Package approach provides flexibility to tailor insurance solutions to meet the individual needs
More informationFlorida Hurricane Catastrophe Fund 2018 Data Call
Florida Hurricane Catastrophe Fund 2018 Data Call Instruction Sheet Each authorized insurance Company writing Covered Policies in the state of Florida is required to pay a Reimbursement Premium to the
More informationFlorida Hurricane Catastrophe Fund
State Board of Administration Florida Hurricane Catastrophe Fund Financial and Political Impact of Hurricane Irma RAA Cat Risk Management Conference February 13, 2018 WHAT IS THE FHCF? State Tax-Exempt
More informationNEW JERSEY COUNTIES EXCESS JOINT INSURANCE FUND 9 Campus Drive, Suite 216 Parsippany, NJ Telephone (201) BULLETIN NJCE 19-06
Date: January 1, 2019 NEW JERSEY COUNTIES EXCESS JOINT INSURANCE FUND 9 Campus Drive, Suite 216 Parsippany, NJ 07054 Telephone (201) 881-7632 To: From: Re: Fund Commissioners of NJCE NJCE Underwriting
More informationNASDAQ: FNHC. May 2015
May 2015 1 SAFE HARBOR STATEMENT / FNHC SNAPSHOT Safe harbor statement under the Private Securities Litigation Reform Act of 1995: Statements that are not historical fact are forward-looking statements
More informationNCIUA BEACH PLAN HOMEOWNER UNDERWRITING GUIDELINES
NCIUA BEACH PLAN HOMEOWNER UNDERWRITING GUIDELINES 02.01.06 Policy Forms Written HO 00 03 Replacement/Special Form, HO 00 02 Replacement/Broad Form, HO 00 08 ACV/Modified Form, HO 00 06 Unit-Owners Form,
More informationHO-3 HOMEOWNERS. (Underwritten by ICAT Managers, LLC) SERVING THE FOLLOWING STATES:
GENERAL UNDERWRITING GUIDELINES HO-3 HOMEOWNERS (Underwritten by ICAT Managers, LLC) SERVING THE FOLLOWING STATES: AL FL GA LA MS NC SC TX VA This document includes a summary of the coverages, credits
More informationHomeowners Insurance The Basics. David Thompson, CPCU Florida Association of Insurance Agents
Homeowners Insurance The Basics David Thompson, CPCU Florida Association of Insurance Agents Type Policies Three types of policies: 1-4 family, owner occupied dwellings Renters in apartments, homes, etc
More informationAdopted Minutes of December 14, 2005, Meeting of Task Force on Long-Term Solutions For Florida s Hurricane Insurance Market
Adopted Minutes of December 14, 2005, Meeting of Task Force on Long-Term Solutions For Florida s Hurricane Insurance Market The Task Force on Long-Term Solutions for Florida s Hurricane Insurance Market
More informationNORTH CAROLINA INSURANCE UNDERWRITING ASSOCIATION (BEACH AREA)
NORTH CAROLINA INSURANCE UNDERWRITING ASSOCIATION (BEACH AREA) STATEMENT OF PARTICIPATION FOR CALENDAR YEAR ENDING DECEMBER 31, 20XX BASED ON PREMIUM WRITINGS FOR PERIOD JANUARY 1, 20XX TO DECEMBER 31,
More informationHO-3 HOMEOWNERS FORMS AS OF:
N OF HO 00 03 04 91 ISO HOMEOWNERS 3 - SPECIAL Ed. 1990 (1991) FP-7955 FL HO 00 04 10 00 ISO HOMEOWNERS 3 - SPECIAL Ed. 1999 (2000) AP617-2 HO 01 09 05 03 SPECIAL PROVISIONS - SECTION I CIT 231005 HO 01090998
More information