HB 1477 Summary

• Creates a 6-member Property Insurance Commission with members appointed by Senate and House leadership to review the insurance marketplace, market data, and reserve requirements for insurers.

• Makes the Commissioner of Insurance Regulation an elected position beginning with the 2024 General Election, with a 2-year term for the initial commissioner and 4-year terms thereafter.

• Prohibits former Commissioners of Insurance Regulation from representing entities before the Office of Insurance Regulation or serving as employees/contractors of regulated entities for 7 years after leaving office, with penalties up to $10,000.

• Increases appropriation to My Safe Florida Home Program from $150 million to $300 million for fiscal year 2023-2024, allocating funds for hurricane mitigation inspections, mitigation grants, education, and administrative costs.

• Reforms property insurance practices by prohibiting insurers from using preexisting conditions, prior loss dates, or faulty workmanship as claim denial defenses; requiring disclosure of inspection and underwriting reports to insureds; mandating agents advise applicants of flood risk; and requiring interest earned on insurance proceeds held by mortgagees to be paid to insureds.