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The Citizens Property Insurance Corporation Board of Governors has approved a takeout that will lead to a nearly 15 percent reduction in exposure in Citizens’ Coastal Account. The board voted to approve the takeout following the Office of Insurance Regulation’s (“OIR”) approval of the agreement on January 31, 2013.

The agreement, by which Florida-based Weston Insurance Company will remove approximately 31,000 personal residential, commercial residential, and commercial nonresidential wind-only policies totaling $30 billion in exposure from Citizens’ Coastal Account, will reduce the potential for Emergency Assessments, which must be paid by all Floridians, by 11.9 percent. 

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