State regulators have approved an insurer’s proposal to remove as many as 15,000 policies from the state’s Citizens Property Insurance Corp.
Insurance Commissioner Michael Yaworsky on Friday signed an order approving the proposal by Orange Insurance Exchange, according to a document posted on the state Office of Insurance Regulation website.
The order came a week after Yaworsky approved proposals by six insurers to take as many 153,000 policies from Citizens.
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Not all of the policies will leave Citizens, but the approvals are part of what is known as a “depopulation” program.
Citizens has seen its number of policies swell to 1.412 million — nearly double the amount two years ago — amid financial problems in the private insurance market.
State leaders have long sought to move policies from Citizens into the private market, in part because of financial risks if Florida gets hit with a major hurricane or multiple hurricanes.
Orange Insurance Exchange will be able to remove policies on Dec. 19, according to Yaworsky’s order.
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