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Florida Regulator Nixes Citizens Request to Remove Rate Cap on New Business

April 21, 2021

New policyholders coming into Florida’s insurer of last resort will not face higher rates than existing insureds under an order issued by the Florida Office of Insurance Regulation.

The regulator’s decision comes after Citizens Property Insurance Corp. President & CEO Barry Gilway said at its rate hearing last month that it is receiving about 5,000 new policies per week as the Florida market continues to tighten.

OIR instead established lower rate increases than what Citizens recommended for its 2021 personal and commercial property insurance policies.

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