Citizens Property Insurance CFO resigns

Posted at 6:20 AM, Jun 18, 2013
and last updated 2013-06-18 02:22:39-04

TALLAHASSEE, Fla. (AP) - Citizens Property Insurance Corp.'s chief financial officer is stepping down.

The state-created insurer announced the resignation of CFO Sharon Binnun on Monday. It said she will be taking a job with a private Florida insurer that hasn't done business with Citizens in its effort to shed policies.

Citizens is the insurer of last resort and has been under increased criticism by lawmakers and the governor, including reports of lavish spending on travel by top officials. Binnun is one of the executives whose expenses were called into question.

Citizens was also criticized last month for a deal to $52 million to a start-up insurer to accept 60,000 Citizens policies.

Binnun has served as CFO since 2007. Her resignation is effective July 5.