FL H1307

Revises definition of "covered policy" to include policies covering wind peril removed from the Citizens Property Insurance Corporation, Florida Residential Property and Casualty Joint Underwriting Association, or Florida Windstorm Underwriting Association through assumption or reinsurance agreements with authorized insurers, subject to Office of Insurance Regulation approval.

Expands Citizens Property Insurance Corporation's exemption from insurance regulations to include additional specified activities related to placing new and renewal business with authorized insurers to reduce the corporation's size.

Requires the corporation's plan of operation to adopt a program facilitating removal of risks through reinsurance to authorized insurers willing to assume risks, with corporation participation capped at 80 percent of risk per agreement and allowing participation decline over up to 5 years.

Establishes quota share primary insurance arrangements where the corporation and authorized insurers share specified percentages of hurricane coverage for eligible risks, with coverage levels of 50 percent and 90 percent available, and requires exposure reporting to the Florida Hurricane Catastrophe Fund with State Board of Administration oversight.

Prohibits the corporation from sharing risk for extra contractual damages and requires all forms and endorsements to be approved by the Office of Insurance Regulation if the corporation is the reinsurer; effective July 1, 2015.