Florida Insurance Consumer Advocate Westcott Outlines Important Questions Regarding Recently Approved Surplus Note Take-Out Program

Press Release

Oct. 1, 2012

TALLAHASSEE, FL–Florida Insurance Consumer Advocate Robin Smith Westcott sent a letter today to Citizens Property Insurance Corporation Chairman Carlos Lacasa outlining several questions that she says should be addressed at the next meeting of Citizens' Depopulation Committee on October 9 to ensure that the recently approved surplus note take-out program serves the best interest of Florida insurance policyholders.

“The Office of the Insurance Consumer Advocate shares the Board’s goal of depopulating Citizens and reducing the potential assessments on all property and casualty policyholders in the state,” Westcott wrote. “The surplus note take-out program tentatively approved at the last Board meeting appears to advance this goal. However, Citizens must assure consumers and policymakers that a thorough cost-benefit analysis justifies the commitment of up to $350 million of Citizens’ surplus, as this program would allow.”