The bill CS/CS/HB 943 amends Florida statutes governing the Citizens Property Insurance Corporation, focusing on the issuance and renewal of coverage for commercial residential and nonresidential risks. It prohibits the corporation from providing coverage if a surplus lines clearinghouse insurer offers comparable coverage at a cost not exceeding 20% more than the corporation's rate. The bill introduces an "equalization adjustment" that can be applied under specific conditions and will expire at the end of the policy term. Additionally, it mandates the establishment of personal and commercial lines clearinghouses to improve access to coverage from authorized insurers, requiring the corporation to update its operational plan by January 1, 2027.

The bill also sets forth eligibility criteria for applicants, stating that those receiving offers of comparable coverage from authorized insurers at or below a specified premium threshold will not be eligible for coverage from the corporation. It establishes a 5-business-day selection period for commercial lines applications, during which insurers can opt to cover the application before the corporation's approval. Furthermore, the bill clarifies that independent and exclusive agents retain ownership of their application records and are not required to be appointed by insurers for policies written through the program. Overall, the bill aims to streamline the insurance application process while ensuring the corporation operates effectively within the commercial lines market and maintains the integrity of the insurance system.

Statutes affected:
H 943 Filed: 627.3518
H 943 c1: 627.3518
H 943 c2: 627.3518