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Florida regulators are two years ahead of schedule in ending an assessment used to retire a bond issued by the state-backed property insurer Citizens following the eight-storm 2004-2005 hurricane season.

The move codifies a decision by Citizens Property Insurance Corp. last September to no longer collect the assessment as of June 1, 2015. The $1.38 billion bond was scheduled to be paid off in June 2017.

Citizens levied a 1.4 percent assessment starting in 2007 that was paid by all property insurance policyholders. In 2011, the assessment was lowered to one percent.

Citizens reports it expects to enter the 2015 hurricane season with more than $4 billion in reinsurance coverage and about $7.5 billion in surplus to pay future claims.

Topics Florida