CS/HB 7093 Summary

• Establishes a clearinghouse program within Citizens Property Insurance Corporation (CPIC) to be implemented by January 1, 2014, designed to divert eligible applicants and policyholders to authorized insurers and surplus lines insurers in the voluntary market.

• Exempts CPIC from exchange of business limitations when placing new and renewal business with authorized insurers through the program, and requires CPIC to facilitate obtaining private insurance offers before binding or renewing coverage.

• Allows participating insurers to avoid individual agent appointments for policies underwritten through the program, while protecting independent and exclusive agents' ownership of policy expirations and customer records.

• Modifies eligibility rules so applicants are ineligible for CPIC coverage if offered comparable coverage from authorized insurers at or below the 15 percent premium threshold, with renewal policyholders becoming ineligible if offered equal or lower premiums by private insurers.

• Requires all new applications and renewal policies to be submitted through the program for a 2-business-day period allowing private insurers to make coverage offers before CPIC approval, with effectiveness date of July 1, 2013.