The bill amends several sections of Florida Statutes related to residual market insurers, specifically addressing the definitions and requirements for insurance coverage eligibility and dispute resolution processes. Notably, it removes the definition of "diligent effort" from section 626.914 and eliminates the requirement for a diligent effort to be made by agents before insurance coverage can be exported. Instead, it establishes that insureds are presumed to be informed about the availability of certain insurance coverage under specified circumstances. Additionally, the bill modifies section 626.916 to clarify that coverage must be of a kind not generally available from authorized insurers, and it requires documented acknowledgment from the insured regarding the potential availability of coverage in the admitted market.

Furthermore, the bill introduces provisions in section 627.351 that allow Citizens Property Insurance Corporation to offer arbitration as an option for dispute resolution regarding claim determinations. Insureds must be notified in writing about their choice to resolve disputes through arbitration at the time of entering into a policy or upon renewal. The notification must be clearly presented, and the insured must indicate their selection. The bill also specifies that any arbitration proceedings will follow certain legal standards and that attorney fees will be awarded according to established statutes. The act is set to take effect on July 1, 2025.

Statutes affected:
H 643 Filed: 626.913, 626.914, 626.916, 627.4085, 627.701, 627.70131, 627.70132, 627.70152, 627.952, 626.931, 627.351, 626.918, 626.9325, 626.9541, 626.935, 627.715
H 643 c1: 626.914, 627.351