FL H1341

Increases capital surplus requirements for new domestic insurers writing residential property insurance to $15 million (for those licensed after June 1, 2020), with higher requirements for wholly-owned out-of-state subsidiaries ($50 million).

Revises separate rate filing procedures for residential property insurers to allow adjustments limited to inflation trends, reinsurance costs, or financing products, capped at 10 percent premium increase per policyholder.

Creates new notice and acceptance procedures allowing insurers to change policy terms upon renewal without issuing nonrenewal notices, with policy changes taking effect upon premium payment.

Modifies replacement cost payment requirements for homeowners' policies to allow initial payment of depreciated value or 40 percent of replacement cost (whichever is higher), with remaining amounts paid as invoices for completed repairs are submitted.

Extends deadline to February 1, 2013 (from 2011) for developing hurricane mitigation measure discounts and to October 1, 2013 (from 2011) for adopting related rules; repeals sinkhole database requirements.