Regulators Eye Citizens Insurance Rate Increases

Will Fla.-owned Citizens Insurance policies rates go up an typical seven.3%? Fla. regulators questioned Citizens officials Monday and are analyzing the request.

TALLAHASSEE, Fla. – Florida regulators on Monday dug into a proposal to elevate rates for shoppers of Citizens Property Insurance policies Corp., with the state-backed insurance provider declaring its policy counts – and money dangers – are expanding mainly because of troubles in the non-public insurance plan industry.

Citizens is searching for an all round rate boost of seven.3%, however hikes would vary greatly dependent on components these as varieties of guidelines and destinations. Regulators held a much more than 3-hour hearing Monday on the request, with actuaries and the state’s insurance plan customer advocate questioning Citizens officials.

The Citizens Board of Governors has pushed to boost rates as the enterprise has acquired much more than a hundred,000 guidelines during the previous year. Citizens President and CEO Barry

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