HB 15B Summary

• Creates a Property Insurance Commission with 6 members appointed by legislative leadership to review and evaluate the insurance marketplace, rate requirements, and market data.

• Makes the Commissioner of Insurance Regulation an elected position beginning in 2024, with the first commissioner serving a 2-year term and subsequent commissioners serving 4-year terms.

• Prohibits property insurers from claiming insolvency in Florida if they conduct insurance activities in other states, and requires those engaged in property insurance elsewhere to include property insurance in Florida operations starting January 1, 2024.

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

• Revises My Safe Florida Home Program eligibility by removing the wind-borne debris region requirement and adjusting appropriations from $300 million to $150 million for mitigation grants and hurricane inspections.