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FL S0542
Bill
Status
Passed
6/13/2014
Primary Sponsor
Banking and Insurance
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AI Summary
- Authorizes private insurers in Florida to issue personal lines residential flood insurance policies in standard, preferred, customized, or supplemental forms, with standard coverage equivalent to the National Flood Insurance Program (NFIP)
- Requires the Florida Commission on Hurricane Loss Projection Methodology to adopt actuarial methods, models, or output ranges for personal lines residential flood loss projections no later than July 1, 2017
- Allows insurers to establish flood coverage rates under a flexible framework through October 1, 2019, requiring only 30-day notice to the Office of Insurance Regulation of rate changes rather than prior approval, with actuarial data maintained for 2 years and subject to examination
- Prohibits Citizens Property Insurance Corporation from providing flood insurance and bars the Florida Hurricane Catastrophe Fund from reimbursing flood-related losses, including those occurring during a covered hurricane event
- Requires agents placing private flood coverage for properties currently insured under the NFIP to obtain a signed acknowledgment from applicants that returning to the NFIP may subject them to full risk rates
Legislative Description
Flood Insurance
Last Action
Chapter No. 2014-80, companion bill(s) passed, see SB 1262 (Ch. 2014-98)
6/13/2014
Committee Referrals
Banking and Insurance3/3/2014
Appropriations2/10/2014
Appropriations Subcommittee on General Government1/13/2014
Banking and Insurance12/18/2013
Full Bill Text
No bill text available