HB 909 - Property Insurance Bill Summary

• Florida Hurricane Catastrophe Fund Changes: Renames the Florida Hurricane Catastrophe Fund Finance Corporation to the State Board of Administration Florida Hurricane Catastrophe Fund Finance Corporation and revises reimbursement coverage levels from 45%, 75%, and 90% to clarify available options.

• Public Adjuster Restrictions: Revises compensation limits for public adjusters to 10% for emergency-declared events and 20% for other claims, prohibits acquisition of salvage interests without written consent, and requires public adjusters to ensure prompt notice to insurers and facilitate insurer communications.

• Citizens Property Insurance Corporation Eligibility: Implements stepped eligibility restrictions based on dwelling replacement costs ($2 million effective 2014, declining to $700,000 by 2017) and prohibits new construction seaward of coastal control lines effective July 1, 2014.

• Clearinghouse Program Creation: Establishes a new clearinghouse program (Section 627.3518) by January 1, 2014, to facilitate placement of Citizens Property Insurance Corporation policies with private insurers for both new applicants and renewals.

• Inspector General and Oversight: Creates an Office of Inspector General within Citizens Property Insurance Corporation, establishes annual reporting requirements for probable maximum losses and financing options, and subjects the corporation to state purchasing requirements effective October 1, 2013.