FL S1194

Creates Part XXIII of Chapter 627, Florida Statutes, establishing a regulatory framework for "Credit Personal Property Insurance," including definitions, required written disclosures to debtors, prohibitions on bundling with other credit insurance products, and a minimum $500 financing threshold for closed-end transactions

Requires credit personal property insurers to refile rates at least every 3 years, report annual loss ratios and itemized expenses to the Office of Insurance Regulation if they have at least $100,000 in direct written premium, and prohibits using gross debt as a premium exposure base

Significantly increases capital and surplus requirements for mortgage guaranty insurers from a minimum surplus of $4 million to paid-in capital of at least $10 million and paid-in surplus of at least $15 million for stock companies, or $25 million initial surplus for mutual companies, with a delayed effective date of July 1, 2025, for existing insurers

Prohibits mortgage guaranty insurers from entering captive reinsurance arrangements with entities owned or controlled by an insured lender, bars rebates or payments of commissions to lenders or their affiliates, and limits insurance on affiliate-originated mortgages to 50 percent of direct premium written annually

Requires mortgage guaranty insurers to establish formal underwriting standards reviewed by executive management, implement a quality assurance program with independent audit personnel, and file annual underwriting standards changes with the Office of Insurance Regulation by March 1 each year