FL S7062

Prohibits public adjusters and their agents from entering into contracts that allow them to choose which persons or entities will perform repair work on insured property.

Eliminates reference to the Residential Property and Casualty Joint Underwriting Association and requires Citizens Property Insurance Corporation to cease offering new commercial residential multiperil policies effective July 1, 2014, while continuing to offer wind-only and non-wind policies.

Establishes Citizens policyholder surcharges of up to 10 percent for personal lines account deficits, up to 15 percent for commercial lines account deficits, and up to 20 percent for coastal account deficits.

Implements annual rate increase caps of 10 percent for personal and commercial residential policies and 15 percent for commercial nonresidential policies effective January 1, 2015.

Permits eligible surplus lines insurers to participate in the clearinghouse program if they maintain $50 million surplus, A.M. Best rating of A- or higher, and adequate reinsurance, while expanding diversion procedures for commercial residential applicants with implementation deadline of October 1, 2015.