FL H1433

My Safe Florida Home Program grants may only be awarded for mitigation improvements that result in property insurance credits, discounts, or rate differentials, and the Department of Financial Services must require improvements to all openings (doors, windows, skylights) as a condition of reimbursement when necessary to qualify for such discounts

Minimum surplus requirements for new and existing residential property insurers are increased significantly — from $15 million to $35 million for domestic insurers that are not wholly owned subsidiaries, with a new $50 million requirement for those that are wholly owned subsidiaries, and phased-in increases for current certificate holders reaching $35 million by July 1, 2035

Officers, directors, and attorneys in fact who served within 5 years before an insurer's insolvency (occurring on or after July 1, 2025) are prohibited from serving in leadership roles at any Florida-authorized insurer, its managing general agent, affiliate, or reciprocal insurer, unless they demonstrate their actions did not significantly contribute to the insolvency

Insurers are authorized to use algorithms, artificial intelligence, and machine learning systems to assist in processing claims, but are prohibited from using such systems as the sole basis for denying claims; final denial decisions must be made and documented by a qualified human professional who independently analyzes the claim facts and policy terms

The Office of Insurance Regulation is prohibited from requesting that insurers waive deemed approval of residential property insurance rate filings that propose rate decreases (unless solely due to coverage reductions or policy form changes) and may not issue a notice of intent to disapprove such filings without completing a finalized review