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Statement issued by CFO Jimmy Patronis

6/20/2018

Good Afternoon,
 
Please see below a statement issued by CFO Jimmy Patronis in response to members of Citizens Property Insurance Corporation Board of Governors today postponing the proposed vote to increase rates for policyholders.
 
Thank you,
 
Jon Moore
Press Secretary
CFO Jimmy Patronis
 
###
 
“I am glad the Citizens Property Insurance Corporation Board of Governors did not vote to raise rates today. Passing along a costly burden to policyholders while many are still recovering from an active hurricane season is not a solution. As I stated in my letter to the Board of Governors, we must find an alternative resolution to the underlying problem. Systemic abuse of assignment of benefits (AOB) and excessive litigation is the problem. I remain committed to working with stakeholders from now until the December meeting to come up with better solutions to address the AOB epidemic while keeping policyholders’ best interest at the forefront.”