The bill amends section 627.351 of the Florida Statutes to modify the annual rate increase requirements for coverages provided by Citizens Property Insurance Corporation. Specifically, it introduces a provision stating that the rate increase limitations outlined in subparagraph 5 do not apply to new policies issued after June 1, 2025, including any subsequent renewals of those policies. This change aims to provide more flexibility in setting rates for new policies, potentially allowing for adjustments that reflect current market conditions.

Additionally, the bill maintains existing requirements for the corporation to file actuarially sound rates and to ensure that rates are not competitive with those in the voluntary market. The effective date for this act is set for July 1, 2025, allowing for a transition period before the new provisions take effect.

Statutes affected:
H 705 Filed: 627.351