Citizens loan deal draws critcism at House panel hearing in Tallahassee (Miami Herald)

December 20, 2012 – A controversial program to shrink the size of the Citizens Property Insurance Corp. (A2 / 176553GR0) by spending $350 million to encourage private companies to take over business came under fire from all sides on Tuesday as the state-run insurer made its first appearance before a House committee. The program, which would loan some of the company’s surplus cash to private insurers who agree to take over policies, is expected to be approved by the Citizen’s eight-member board of governors in the coming weeks. “It’s worthy to spend a little bit of surplus in order to get risk off the books,’’ said Sharon Binnun, Citizens chief financial officer.

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