HB 1099 Summary

• Revises the Florida Hurricane Catastrophe Fund definition of "covered policy" to include policies with wind coverage removed from the Florida Windstorm Underwriting Association or Citizens Property Insurance Corporation under executed assumption or reinsurance agreements approved by the Office of Insurance Regulation.

• Requires Citizens Property Insurance Corporation and authorized insurers to enter into excess of loss reinsurance agreements, quota share reinsurance agreements, or quota share primary insurance agreements for eligible hurricane coverage, with board authority to limit participation to insurers assuming at least 20 percent of exposure.

• Exempts Citizens Property Insurance Corporation from agent-insurer business exchange restrictions, allowing it to act as agent placing new and renewal business with authorized insurers to reduce the corporation's size.

• Mandates implementation of eligibility procedures and operational requirements by January 1, 2014, including a clearinghouse for new applications and renewal offer mechanism to allow licensed insurers to voluntarily write risks, with risks insured for 3+ consecutive years requiring new applications rather than renewals.

• Takes effect July 1, 2013.