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Florida Citizens Insurance As Mutual Ownership (2008)

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Florida Citizens Insurance As Mutual Ownership did not appear on the November 4, 2008 statewide ballot in Florida as an initiated constitutional amendment.

Objective of the initiative:

Citizens Insurance shall be reformed as a mutual policyholder owned private company within two calendar years. Citizens shall not be sold to any existing public or private insurance company. All members of the Board of Directors and / or Executive Committees shall be Policyholders. Citizens shall write both personal and commercial lines of property & casualty insurance as term with a maturity of 1 - 30 years and / or permanent policies.


Howard Kunreuther, co-director of the Risk Management and Decision Processes Center and a professor at the Wharton School of the University of Pennsylvania wrote, "To guard against this uncertainty, I propose a new kind of policy, one that would last as long as your mortgage--15 to 30 years, that is. The annual premium could be wrapped into your monthly mortgage payments, as it often is today. Your mortgage lender would, of course, inspect your policy as closely as it now inspects your walls for termites. The long-term policy would be a valuable asset that you could transfer to the next owner of your home. Nonrenewal would not be an issue."[1][2]


The initiative was approved for circulation by the Florida Secretary of State. To be placed on the November 2008 ballot, 611,009 valid signatures were required to be submitted by January 25, 2008. In Florida, signatures are only valid for up to four years, however, the initiative can be circulated indefinitely. This did not make the ballot.

See also

Other measures sponsored by Hurricane Insurance Creation

External links