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The Florida Office of Insurance Regulation says it approved four domestic insurers to remove 150,000 policies from the state’s bloated last-resort insurer.

The state-run Citizens Property Insurance Corp. is currently the top writer of property insurance in the Sunshine State with about 1.5 million policies and an exposure of nearly $347 million—a fact that does not bode well for the state’s residents since Citizens relies on selling its debt and assessing policyholders to pay claims.

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