FL H0805

Authorizes insurers to transfer residential property insurance policies to another authorized insurer within the same group or holding company upon policy expiration, treating the transfer as a renewal rather than cancellation or nonrenewal.

Requires insurers to provide notice of transfer intent at least 45 days before the effective date, including the financial rating of the receiving insurer.

Restricts transfers of personal lines residential and commercial residential property insurance (except farmowners) unless the receiving insurer is admitted in multiple states, has equal or better financial strength, results in substantially similar coverage, and policyholders are selected on a nondiscriminatory basis.

Requires the receiving insurer to provide notice of change in policy terms to policyholders at least 60 days before transfer, including transfer notice and the insurer's financial rating, and mandates office approval of all transfers.

Takes effect July 1, 2017.