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Citizens CEO Gilway: Expect Major Changes from AOB Reform
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Florida's Citizens Property Insurance Corp., the state-run insurer of last resort, is preparing for big changes from the recently passed and signed House Bill 7065, also known as assignment of benefits reforms. Citizens has borne the brunt of the abuse of the policyholder benefit, particularly in South Florida where AOB lawsuits have exploded over the last 10 years. Thanks to the new law, on June 19th the Citizens Board approved an updated rate filing requesting an overall statewide rate increase of 2.3% rather than the 8.2% increase it requested late last year. The filing has yet to be approved by regulators. In this interview conducted before Citizens announced the updated rate filing, Citizens President and CEO Barry Gilway discusses how the insurer is preparing to comply with the provisions of the new law and what agents need to know.
