FL S1428

Citizens Property Insurance Corporation would be authorized to amend and expand its wind-eligible areas beyond those originally defined by the Florida Windstorm Underwriting Association as of January 1, 2002, by developing new eligibility criteria and rates for wind-only coverage policies.

The corporation may consider the private market availability for wind-only coverage, the impact on the corporation's overall exposure, and prudent measures for limiting exposure when developing new eligibility criteria and rates for expanded wind-eligible areas.

New eligibility criteria and rates must be submitted to the Florida Legislature by December 1 of each year, beginning in 2025, and may only be implemented by the Office of Insurance Regulation upon legislative approval.

The bill redefines "wind-eligible area" as areas eligible for coverage by the Florida Windstorm Underwriting Association as defined on January 1, 2002, unless modified through the new legislative approval process.

The personal lines, commercial lines, and coastal accounts of the corporation are updated to include areas "included as eligible for coverage by the corporation," expanding the geographic scope of policies that may be written under each account.