CS for SB 1346 - Property Insurance

• Reduces the percentage of coastal account deficit recovered through regular assessments from 6 percent to 2 percent of aggregate statewide direct written premium for the prior calendar year, with remaining deficits recovered through emergency assessments.

• Phases in reduced Florida Hurricane Catastrophe Fund coverage levels from 90 percent (2012-2013) to 85 percent (2013-2014) to 80 percent (2014-2015), adjusting retention multiples and aggregate coverage limits to $17 billion, $16 billion, and $15 billion respectively for each contract year.

• Requires Citizens Property Insurance Corporation board to determine a projected deficit exists before levying a policyholder surcharge and mandates that deficits in personal and commercial lines accounts be recovered through emergency assessments after accounting for surcharges.

• Extends the timeline for limited apportionment companies to collect regular assessments to within 90 days of levy and requires full payment within 15 months instead of 12 months.

• Replaces the term "market equalization surcharge" with "policyholder surcharge" throughout statutes and requires the Office of Insurance Regulation to notify assessable insurers and the Florida Surplus Lines Service Office of assessment collection dates.