FL S0678

Authorizes insurers to issue flexible flood insurance policies that may include options such as specified coverage amounts, higher deductibles, actual cash value adjustments, coverage limited to principal buildings, and exclusions for additional living expenses or personal property coverage.

Removes prohibition on supplemental flood insurance from providing excess coverage over other flood insurance policies, allowing broader supplemental coverage options.

Permits domestic reciprocal insurers to distribute up to 10 percent of surplus to subscribers from unassigned funds, limited to 50 percent of net income from the previous calendar year, subject to prior written approval by the Office of Insurance Regulation.

Modifies reciprocal insurer distribution requirements to use permissive language ("may") instead of mandatory language ("shall") and removes specified timeframe requirements for distributions.

Effective date: July 1, 2015.