“Citizens has filed a premium rate increase that, given the myriad negative circumstances surrounding this insurance company, is not warranted and, frankly, is the epitome of arrogance,” Senator Fasano states. “This is a company that has strayed from its mission to serve its policyholders to one of indulgence and putting its own needs first.”
Senator Fasano will stress the recently exposed corporate mindset that has resulted in lavish overseas trips, expensive hotel rooms and meals for executives and certain board members as examples of why the insurer must first get its own fiscal house in order. Additionally, Senator Fasano will point out the many problems policyholders have experienced with the loss of wind mitigation credits and difficulties with re-inspections as just some of the factors that need to be addressed before any rate application should be considered.
“Before the Office of Insurance Regulation grants any premium increase it is my opinion that Citizens must first address its internal and customer service policies,” Senator Fasano states. “The company owes this to its policyholders first and foremost.”