FL S7018

Creates the Florida Catastrophe Risk Capital Access Facility within the State Board of Administration to help small domestic insurers access global risk capital markets and alternative risk-transfer mechanisms such as insurance-linked securities.

Establishes a clearinghouse within Citizens Property Insurance Corporation to divert eligible applicants to private insurers before binding coverage with the corporation, and allows private entities as alternatives to the clearinghouse.

Reduces Citizens Property Insurance Corporation eligibility from $2 million to $600,000 dwelling replacement cost for personal lines residential structures and adds coastal construction control line restrictions for structures with notices of commencement issued after July 1, 2013.

Permits risk-sharing agreements between Citizens and authorized insurers where the corporation retains part of the risk for specified policies, with agreements limited to 5 years and allowing for participation with the Florida Hurricane Catastrophe Fund.

Modifies rate standards for Citizens to include catastrophe risk load factors and requires rates to be competitive with approved rates in the admitted voluntary market except in territories lacking reasonable competition; limits annual rate increases to 10 percent for specified residential policies issued before July 1, 2013.