A top official at Citizens Property Insurance, chief financial officer Sharon Binnun, resigned Monday, the company president Barry Gilway announced Monday in a note to employees.
Binnun served the company as a steadfast defender of some of Citizen's most controversial policies and faced withering criticism from lawmakers and consumer advocates over those ideas as well as over travel expenses racked up by Citizens executives.
Binnun, who joined the state-run insurance company in six years ago and made $255,000 a year, said in her resignation letter she has accepted a job in the private sector effective July 5. She is credited with helping to transfer 430,000 policies from Citizens to private insurers over the past two years, resulting in an estimated 47 percent decrease in potential assessments on Citizens customers and all Florida policyholders in the event of a catastrophic storm.
Binnin was often the voice of Citizens before the legislature, calmly defending ideas that were later rejected by policy makers as too controversial -- such as a proposal from Citizens to offer loans to companies to take out Citizens policies and to remove caps on rate hikes.