S.B. 1575 Summary

• Allows admitted insurers to offer condominium master insurance and condominium master hurricane insurance policies at no more than 50% of the rate charged by surplus lines insurers for existing policies.

• Applies only when a condominium association has been covered by a surplus lines insurer policy for at least three consecutive years.

• Limits the discounted rate period to a maximum of six years for any admitted insurer offering such policies.

• Permits admitted insurers to require the condominium association to deposit funds into the replacement reserves fund or complete specific maintenance and repairs as a condition of offering the reduced rate.

• Takes effect July 1, 2050.