FL S0724

Revises definition of "covered policy" under Florida Hurricane Catastrophe Fund to include wind-only policies removed from Citizens Property Insurance Corporation through reinsurance agreements with authorized insurers, and clarifies that such agreements must be approved by the Office of Insurance Regulation.

Exempts Citizens Property Insurance Corporation from limitations on placing business with authorized insurers when acting as an agent to place new and renewal business to reduce the size of the corporation.

Establishes a depopulation program requiring the corporation and authorized insurers to enter into excess of loss reinsurance agreements, quota share reinsurance agreements, or quota share primary insurance agreements for hurricane coverage on eligible risks, with participation voluntary for insurers and subject to office approval.

Defines "eligible risks" as personal lines residential risks currently insured by the corporation and continuously insured since on or before July 1, 2013, and requires the corporation by January 1, 2014 to implement eligibility procedures including a clearinghouse for new applications and a mechanism for renewal offers to voluntary market insurers.

Prohibits the corporation from sharing risk for extra contractual damages and requires the corporation and participating insurers to report exposure data and agreement terms to the Florida Hurricane Catastrophe Fund.