FL S1330

Allows insurers offering residential property insurance in Florida to use rates up to 15% higher than previously filed rates annually, with individual policyholder increases capped at 2 times the statewide average increase, effective January 1, 2012.

Requires insurers using these higher rates to file them separately with the Office of Insurance Regulation and maintain authority for the office to disapprove rates as inadequate or discriminatory.

Effective January 1, 2015, insurers must demonstrate they have sufficient surplus, Florida Hurricane Catastrophe Fund coverage, reinsurance, and reinsurance equivalents to cover their 100-year probable maximum seasonal hurricane loss, with certification required by July 31 of each year.

Requires insurers offering these rates to provide applicants with notices in 12-point boldfaced type explaining rates are not subject to full regulation and may be higher than approved rates, along with Citizens Property Insurance Corporation premium estimates for comparison.

Requires agents to obtain signed acknowledgments from applicants and policyholders acknowledging potential Citizens Property Insurance Corporation surcharges and assessments of up to 15% per account deficit.