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Posted: 6:30 a.m. Tuesday, April 26, 2011
By AP, Rich Jones
Jacksonville, FL —
Governor Rick Scott is reportedly looking at the possibility of closing the state-backed property insurance company, Citizens.
With more than 1.3 million policyholders, Citizens is Florida's largest property insurer for businesses and home owners.
Lawmakers have allowed Citizens to raise rates by double digits to shore up the company's financial solvency and eliminate some competitive disadvantages for commercial companies doing business here.
Scott's office did not immediately return a phone message for comment Monday about any plans on structuring a timeline to abolish the state-backed insurer.
The Office of Insurance Regulation said it would not comment on Citizens' status.
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