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FL H0893
Bill
Status
Failed
3/8/2024
Primary Sponsor
Insurance & Banking Subcommittee
Click for details
AI Summary
- Citizens Property Insurance Corporation is authorized to amend wind-eligible areas by developing new eligibility criteria and rates for wind-only coverage policies, subject to approval by the Office of Insurance Regulation and the Legislature
- In developing new eligibility criteria and rates, the corporation may consider the market for wind-only coverage in proposed areas, the impact on the corporation's overall exposure, and reasonably prudent measures for limiting exposure
- Rates for coverage offered in wind-eligible areas remain subject to existing rate-setting provisions under paragraph (6)(n) of s. 627.351, F.S.
- Beginning December 1, 2030, and every five years thereafter, the corporation must review and submit to the Legislature any recommendations to revise wind-only eligibility criteria, with the Office of Insurance Regulation implementing changes only upon legislative approval
- "Wind-eligible area" is defined as an area eligible for coverage by the former Florida Windstorm Underwriting Association as those areas were defined on January 1, 2002, except as modified under the new subsection (7) provisions; effective July 1, 2024
Legislative Description
Coverage by the Citizens Property Insurance Corporation
Last Action
Died in Commerce Committee
3/8/2024
Committee Referrals
Commerce Committee2/7/2024
Insurance And Banking Subcommittee1/5/2024
Full Bill Text
No bill text available