CS/CS/HB 1109 - Property Insurance Summary

• Prohibits insurance agents, adjusters, and other licensees from accepting compensation or rewards from property inspectors for referrals in connection with property insurance coverage or premium determinations.

• Requires the Citizens Property Insurance Corporation's board to contract with the Division of Administrative Hearings to conduct hearings and issue recommended orders on protests of the corporation's procurement decisions, with final board action taken in a public meeting.

• Authorizes eligible surplus lines insurers to participate in the corporation's clearinghouse program effective January 1, 2015, if they meet criteria including $50 million surplus, superior financial ratings, and adequate hurricane loss reserves; applicants accepting surplus lines offers must receive specific written disclosures.

• Changes the deadline for the corporation's annual loss ratio report for residential coverage from March 1 to January 15 and repeals the separate annual report requirement on aggregate net probable maximum losses.

• Requires the corporation to provide annual estimates to the Legislature and Financial Services Commission by May of each year regarding borrowing capacity, claims-paying capacity, and estimated balance for the following 12 months; effective July 1, 2014.