Citizens is a not-for-profit, tax-exempt government corporation whose purpose is to provide insurance protection to Florida property owners who otherwise might not be able to find coverage. Citizens is governed by a Board of Governors. The board administers a Plan of Operation approved by the Florida Financial Services Commission, an oversight panel made up of the Governor, the Chief Financial Officer, the Attorney General, and the Commissioner of Agriculture.
Citizens has three policy accounts—personal lines, commercial lines, and coastal. When Citizens incurs a deficit due to policyholder losses exceeding its reserves, Florida law requires Citizens to levy assessments against Citizens policyholders, as well as non-Citizens policyholders if the Citizens policyholder assessment is insufficient to cover the deficit. Citizens is also required by law to create programs to help return its policies to the private market and reduce the risk of additional assessments. As such, the Citizens depopulation program works with private-market insurance companies that would like to offer coverage to Citizens policyholders, subject to the approval of the Office of Insurance Regulation. As of May 2023, Citizens provided coverage to approximately 1.3 million policyholders and had exposure of more than $534 billion.
The Insurance Consumer Advocate represents the interests of Florida citizens in insurance matters before regulatory agencies, such as the Department of Financial Services and the Office of Insurance Regulation.
The Department of Financial Services' Division of Consumer Services provides education, information and assistance to consumers regarding insurance and financial products. Consumers may obtain assistance at offices located in Largo and Tallahassee and can also call 850-413-3089 or 1-877-693-5236, from 8:00 a.m. to 1:00 p.m. Monday through Friday. Consumers can email Consumer.Services@myfloridacfo.com if they do not wish to file an insurance concern. To file an insurance concern, please open a formal complaint online.
Florida law requires insurers to compare the records of their insureds' life or endowment insurance policies, annuity contracts that provide a death benefit, and retained asset accounts that were in force on or after January 1, 1992, against the Social Security Administration's Death Master File. Insurers are also required to make such comparisons on at least an annual basis. No later than 120 days upon learning of the death of an insured, insurers must determine whether benefits may be due under a policy, annuity, or retained asset account and complete an effort to locate and contact the beneficiary. Florida has regulatory agreements with 27 life insurance companies; these agreements generally stipulate that the companies agree to compare their records against the master file. Insurers that have been unsuccessful in locating a Florida beneficiary remit applicable funds to the Department of Financial Services' Division of Unclaimed Property, where families can search for the funds.
Fund | Dollars | Positions | |
---|---|---|---|
OFFICE OF INSURANCE REGULATION | |||
COMPLIANCE AND ENFORCEMENT - INSURANCE |
40,626,010
|
277.00 |
|
EXECUTIVE DIRECTION AND SUPPORT SERVICES |
4,636,471
|
33.00 |
|
TOTAL |
45,262,481 |
310.00 |
Property Insurance. The 2023 Legislature enacted Ch. 2022-271, Laws of Florida, which makes several changes related to policyholder and insurer accountability. Among its provisions, the law
Civil Remedies. The 2023 Legislature enacted Ch. 2023-15, Laws of Florida, which makes changes to Florida's civil justice system and includes provisions particular to insurance cases. For example, the law
Several Factors Hinder Homeowner and Auto Glass Insurance Fraud Processing, Report 21-05, March 2021 |
Review of Professional Employer Organizations and Workers' Compensation, Report 21-04, March 2021 |
Other Reports
Annual Reports, Office of Insurance Regulation
Office of Insurance Regulation - Office of Inspector General's Internal Audit Activity - For the Review Period July 2020 Through June 2021, Auditor General Report 2022-027 October 2021
Office of Insurance Regulation - Certificates of Authority, Selected Administrative Activities and Prior Audit Follow-Up - Operational Audit, Auditor General Report 2023-189, May 2023
Websites of Interest
American Property Casualty Insurance Association
Florida Commission on Hurricane Loss Projection Methodology
Florida Hurricane Catastrophe Fund
Florida Insurance Council
National Association of Insurance Commissioners
National Conference of Insurance Legislators
Society of Insurance Research
Performance Information
Office of Insurance Regulation, 850-413-3140
Website