Mar 12, 2025Board meeting
Citizens Property Insurance Corporation Audit Committee Meeting
The committee reviewed the internal audit plan progress and highlighted findings from the Technology Governance Audit and the Hurricane Claims Without Payment Review, which confirmed that all reviewed claims were processed correctly. Financial updates were provided, including an overview of the 2024 results of operations, loss reserves for recent hurricane events, and the impact of lower litigation rates on loss ratios. Additionally, the committee approved a five-year contract with Forvis Mazars, LLC for independent auditing services, and the external auditor confirmed that planning and interim procedures for the 2024 audit are currently on track.