FL S1716

Consolidates Citizens Property Insurance Corporation's three separate accounts (personal lines, commercial lines, and coastal) into a single "Citizens account" for all revenues, assets, liabilities, losses, and expenses, eliminating duplicative provisions related to the former multi-account structure.

Authorizes the Office of Insurance Regulation to evaluate competition at the individual zip code level, allowing structures valued between $700,000 and $1 million in zip codes lacking reasonable competition to become eligible for Citizens coverage, even if the surrounding county is deemed competitive.

Creates a new eligibility framework distinguishing between primary residences and non-primary residences, allowing approved surplus lines insurers (rated "A-" or higher by A.M. Best) to participate in take-out plans for non-primary residence policies, with the Office of Insurance Regulation reviewing whether premiums exceed 20 percent above comparable Citizens coverage.

Revises the flood insurance requirement so that the minimum coverage must meet the dwelling coverage available from the National Flood Insurance Program, and adjusts annual rate increase caps to 13 percent for 2024, 14 percent for 2025, and 15 percent for 2026 and beyond, with policies covering non-primary residences exempt from these caps but limited to 50 percent above the prior year's rate.

Eliminates regular deficit assessments on member insurers, retaining only the Citizens policyholder surcharge (up to 15 percent of premium) and emergency assessments as deficit recovery mechanisms, and authorizes the corporation to share claims data with the National Insurance Crime Bureau and to secure trademarks, copyrights, or patents on its work products.