Two private-market insurance companies have been approved to “take out” up to 50,000 residential policies from state-run Citizens Property Insurance Corp.
Safepoint Insurance Co. and Southern Oak Insurance Co. were approved by the state Office of Insurance Regulation to transfer the policies beginning Oct. 17, the office said in a news release Tuesday.
The approvals are part of the state’s ongoing program to depopulate Citizens, which is intended to be an insurer of last resort for property owners unable to find affordable insurance on the private market.
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