FL S0416

Citizens Property Insurance Corporation must submit biannual reports disclosing the total number of residential sinkhole coverage requests received, policies issued, requests declined, and reasons for declining requests.

Establishes the Citizens Sinkhole Stabilization Repair Program requiring the corporation to manage sinkhole claims through repairs rather than cash payouts, effective March 31, 2015.

Policyholders cannot be required to advance payment for stabilization repairs, which must be conducted by contractors from a corporation-approved pool selected through an open and transparent process.

Contractors must meet specified qualifications including state certification, bonding capacity, insurance coverage, and drug-free workplace programs; contracts must include 5-year warranties and performance/payment bonds.

Requires the Office of Program Policy Analysis and Government Accountability to submit a report by January 1, 2017 evaluating policyholder satisfaction, repair timeliness, dispute resolution effectiveness, litigation trends, and cost-effectiveness of third-party administration.