FL S1688

Creates a 6-member Property Insurance Commission with members appointed by legislative leadership to review and evaluate the insurance marketplace, comment on market data, and review reserve requirements for insurers.

Makes the Commissioner of Insurance Regulation an elected position beginning in 2024, with a 2-year term for the initial election and 4-year terms thereafter, and imposes a 7-year post-employment restriction on representing entities regulated by the Office of Insurance Regulation.

Increases appropriations for the 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, outreach, and administrative costs.

Prohibits property insurers from using preexisting conditions, prior dates of loss, or faulty installation as defenses for denying claims on policies issued or renewed after January 1, 2024, and requires insurers to release inspection and underwriting reports to insureds upon request.

Requires agents to provide written notices to applicants regarding flood risk and requires interest earned on insurance proceeds held by mortgagees to be paid to insureds; prohibits property insurers from claiming insolvency in Florida while operating as insurers in other states.