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FL S1058
Bill
AI Summary
- Defines "unsound insurer" as one determined by the Office of Insurance Regulation to be in unsound condition under s. 624.80(2) or placed in receivership under chapter 631
- Expands eligibility for Florida Hurricane Catastrophe Fund coverage so that any authorized insurer—not just Citizens Property Insurance Corporation—may obtain fund coverage or accept contract assignments when assuming policies from an unsound insurer
- Requires that if a covered hurricane event occurred before the effective date of a policy transfer, the assuming insurer may only obtain coverage through assignment of the unsound insurer's existing fund contract, not through its own contract
- Revises the definition of "covered policy" (effective June 1, 2023) to allow collateral protection insurance policies to qualify for fund coverage based on the dwelling coverage amount under the lapsed homeowner's policy, the amount the homeowner was notified of, or the amount requested by the homeowner
- Takes effect July 1, 2022, except for the revised "covered policy" definition, which takes effect June 1, 2023
Legislative Description
Property Insurer Reimbursements
Last Action
Chapter No. 2022-132
5/23/2022
Committee Referrals
Rules2/2/2022
Community Affairs1/12/2022
Full Bill Text
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