Loading chat...
FL S1528
Bill
AI Summary
- Increases minimum surplus requirement for new domestic residential property insurers (not wholly owned subsidiaries) from $15 million to $20 million
- Increases minimum surplus requirement for residential property insurers that did not hold a certificate of authority before July 1, 2011 from $15 million to $20 million
- Extends the $15 million surplus requirement for insurers holding authority before July 1, 2011 through June 30, 2025, then increases to $20 million from July 1, 2025 through June 30, 2030
- Requires automatic $5 million increases to minimum surplus every 5 years beginning July 1, 2030 for existing residential property insurers
- Takes effect July 1, 2023
Legislative Description
Surplus Requirements for Residential Property Insurers
Last Action
Died in Banking and Insurance
5/5/2023
Full Bill Text
No bill text available