Citizens To Shift More Than 45,000 Policies

TALLAHASSEE (CBSMiami/NSF) - Another 45,500 policies have been approved to move to the private insurance industry from the state-backed Citizens Property Insurance Corp.

The Office of Insurance Regulation this week approved the latest round of private-insurer "takeouts" by two companies --- Heritage Property & Casualty and Mount Beacon. The takeouts are scheduled to occur in June.

Based upon prior takeouts, not all the targeted residential and commercial-residential policies will change hands. Policyholders are allowed to reject the takeout offers.

Citizens reported that it had 631,879 policies as of Jan. 31, a vast decline from a high of 1.5 million policies in 2012.

The News Service of Florida contributed to this report.