FL S1770

Renames the Florida Hurricane Catastrophe Fund Finance Corporation to the State Board of Administration Finance Corporation and deletes temporary emergency coverage options that expired in 2012.

Revises Citizens Property Insurance Corporation eligibility by increasing dwelling replacement cost thresholds ($1 million effective January 2014, declining to $700,000 by January 2017) and prohibiting coverage for major structures seaward of coastal construction control lines beginning July 1, 2014.

Creates an Office of Inspector General within Citizens Property Insurance Corporation appointed by the Financial Services Commission with investigative and oversight duties, and establishes a clearinghouse program to divert new applicants and renewal policyholders to private insurers before binding corporation coverage.

Restricts public adjuster compensation to 10-20 percent of claim payments depending on emergency declarations, prohibits acquiring salvaged property interests, and requires meeting with insurers to reach agreement on scope of covered losses.

Subjects Citizens Property Insurance Corporation to state procurement requirements under section 287.057 and requires annual reports from both the Florida Hurricane Catastrophe Fund and Citizens Corporation detailing probable maximum losses, financing options, and potential assessments.