The bill amends section 627.351 of the Florida Statutes, specifically regarding the annual rate increases for coverages provided by the Citizens Property Insurance Corporation. It establishes that the required annual rate increases, which are capped at specific percentages for the years 2023 through 2026, will no longer apply to new policies issued after June 1, 2025, nor to subsequent renewals of those policies. This change aims to provide more flexibility in rate setting for new policies, allowing the corporation to adjust rates without being bound by the previously established limits.

Additionally, the bill maintains the requirement for the corporation to file actuarially sound rates and ensures that these rates remain non-competitive with those in the voluntary market. The effective date for this act is set for July 1, 2025, aligning with the new policy provisions. Overall, the bill seeks to modify the regulatory framework governing rate increases for Citizens Property Insurance Corporation, particularly for new and renewed policies issued after the specified date.

Statutes affected:
S 1448 Filed: 627.351