February 24, 2005

Audit asked of FLA Stop-Gap Wind Insurer

Citizens Property Ins. Co. was created in 2002 as a stop-gap insurer for property owners unable to get insurance in the "voluntary" marketplace. During the four-hurricane onslaught of 2004, it was severely tested, and may now be short of capital. In the event of need, Citizens has power to assess all Florida property owners, but does not have access to the Florida Hurricane Catastrophe Fund (FHCF). Questions have been raised about the quality of its claim handling and payments during the 2004 season. A state senator has now called for an audit by Florida authorities. Senator Klein Asks Fla. Auditor General to Review Citizens Books

See also: Unintended Consequences: Andrew Remembered After Charley
and: Unintended Consequences: FL Hurricane CAT Fund Tapped

Posted by dougsimpson at February 24, 2005 09:36 AM
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