Earlier this month, Citizens Property Insurance Corporation’s appointed Board of Governors met in a Tampa Marriott conference room to debate the merits of an ambitious plan to wrest control of key premium-setting policies from their traditional architects – the elected legislature. Among several other provisions, the board discussed a plan to remove the 10% rate cap applied to new Citizens policyholders – a move that could have potentially cost policyholders thousands of dollars a year.
After a great deal of media and citizen uproar and the subsequent tantrum thrown by some board members after the increased attention (see here), Citizens ultimately decided to table the discussion for a later date.
This Friday, June 1st, Citizens will resume the discussion when acting president and CEO Tom Grady will meet with stakeholders at the Grand Hyatt in Tampa to discuss potential ways to depopulate the state-backed insurer. The discussion will by no means be limited to rates – everything will be on the table to “encourage the removal of policies from Citizens.”
Public Adjusters and other industry professionals should understand what that has meant in the past. Heck, the fact that the opening remarks will be delivered by none other than Representative Bryan Nelson should itself speak volumes.
I cannot overstate how important it will be to make sure every stakeholder’s voice is considered. For those who can’t make it down to Tampa for the event, I’ve included a call in number below.
You can also see an agenda HERE.
We know the insurance industry will be listening in; we know they will be participating – will you?
What: Citizens Depopulation Summit
When: Friday, June 1st, 9:00 a.m. to 12:00 p.m
Where: Grand Hyatt Tampa Bay, 2900 Baypoint Drive, Tampa, FL
Call: 1-855-312-8651, conference ID 4458606638#