Fla. Regulator OKs 6.3% Increase In Citizens Premiums

Law360, Miami (September 10, 2013, 2:47 PM EDT) -- Florida's insurance regulator on Monday approved a 6.3 percent overall statewide average rate increase for residential policyholders of state-backed Citizens Property Insurance Corp. in 2014.

The state Office of Insurance Regulation signed off on the rate increase, which is lower than the 6.6 percent Citizens requested in a presentation last month and down from the 7.9 percent hike initially proposed.

“We are grateful to OIR for its diligence in reviewing Citizens 2014 rates and pleased that it has agreed with our overall approach,” Citizens CEO Barry...
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