Citizens Property Insurance Corporation

The President's report provided an overview of the property insurance market, highlighting early signs of improvement such as the approval of six new insurance companies and favorable reinsurance availability for the hurricane season. Data regarding policy depopulation between January and October 2023 was reviewed, detailing numbers of policies assumed by companies across various dates.

The 2024 Strategy and Plan for the Office of Internal Auditor at Citizens Property Insurance Corporation outlines its approach to risk reduction, control infrastructure improvement, and operational efficiency. Key areas of focus include a themes-based, risk-based rolling internal audit plan with a balance of assurance and advisory engagements, the transformation to a dynamic enterprise risk governance model with increased agility and collaboration, and the continuous enhancement of the internal control framework through self-assessments and data-driven insights. The plan aims to provide timely and comprehensive coverage using available resources, foster risk awareness, and ensure consistency and sustainability of internal controls.

The meeting included a review of the Office of the Internal Auditor's 2024 strategy, plan, and budget, as well as advisory reports on flood requirements, identity governance and administration, and unified communications. The Chief Financial Officer presented the unaudited third-quarter 2023 results of operations and financial position. Additionally, the committee received an update on the 2023 audit plan from the external auditor and reviewed the third-quarter 2023 report from the Office of the Inspector General.

The Retirement Plan Committee meeting covered several key agenda items, including updates on plan administration and investment fund reviews. Discussions centered on Empower's plan administration updates, specifically addressing corrections for fee assessment errors and crediting rate issues affecting retirement plan participants. The committee reviewed market performance, monitored investment funds on the watch list, evaluated the performance of Target Date Funds, and discussed regulatory updates. Additionally, the committee reviewed statistics on participant engagement, including utilization of educational webinars and counseling sessions.

The committee meeting covered a detailed market update regarding policies in force, new business transactions, and insights into commercial and personal lines growth. Legislative updates were discussed, specifically focusing on new requirements for flood insurance, clearinghouse renewal eligibility thresholds, and depopulation strategies. The committee also received a report on agency management, which included performance violation programs, agent outreach initiatives, and new messaging requirements to enhance consumer awareness regarding assessments. Additionally, the committee reviewed updates on depopulation, the clearinghouse, and FMAP program activities, and addressed general concerns regarding the current state of the insurance market and reinsurance availability.