CFO Jimmy's Patronis' Seal

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IN CASE YOU MISSED IT….News Service of Florida: “Citizens Extends Moratorium on Policy Cancellations”

7/27/2020
“Citizens Extends Moratorium on Policy Cancellations”
News Service of Florida
Jim Saunders
July 27, 2020
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TALLAHASSEE --- After pressure from Florida Chief Financial Officer Jimmy Patronis, the state-backed Citizens Property Insurance Corp. has extended a moratorium on the cancellation of policies until the end of the year because of the COVID-19 pandemic.
 
The moratorium, which started in March as COVID-19 began to cause massive economic problems and job losses, had been scheduled to expire Aug. 15. But in a prepared statement Saturday about the extension, Citizens Chairman Bo Rivard said COVID-19 has been a “moving target.”

“Our top priority has been and will continue to be our policyholders,” Citizens President and CEO Barry Gilway said in a statement. “This extension will provide our customers with further assurances that we have their backs during hurricane season and beyond.”
 
The decision came after a flurry of activity that started when Patronis, who helps oversee Citizens and the insurance industry, called Friday for extending the moratorium. In part, Patronis said policies should not be canceled during hurricane season.

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Initially, Citizens responded to Patronis’ request Friday by saying it began the moratorium in March because of a significant percentage of customer premiums not being paid on time. But Citizens said that percentage had dropped to pre-pandemic levels and stood at 7.5 percent.

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While policies will not be canceled in the coming months, customers will ultimately have to pay the amounts that are due.
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