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FL S0500
Bill
AI Summary
- Increases the minimum surplus requirement for new domestic residential property insurers (not wholly owned subsidiaries of out-of-state insurers) from $15 million to $20 million
- Raises the minimum surplus for current residential property insurers that received their certificate of authority after July 1, 2011, from $15 million to $20 million
- Establishes a phased surplus schedule for residential property insurers authorized before July 1, 2011: $15 million through June 30, 2026; $20 million from July 1, 2026 through June 30, 2031; with automatic $5 million increases every 5 years thereafter
- Retains the office's authority to reduce surplus requirements for insurers not writing new business, those with less than $1 million per year in residential property insurance premiums, or mutual insurance companies
- Effective date of July 1, 2024
Legislative Description
Surplus Requirements for Residential Property Insurers
Last Action
Died in Banking and Insurance
3/8/2024
Full Bill Text
No bill text available