The bill amends Florida Statutes concerning the Citizens Property Insurance Corporation by establishing a clearinghouse program for both personal and commercial lines insurance. It mandates the corporation to charge a specified premium for commercial residential and nonresidential risks that have received coverage offers from approved surplus lines insurers. The bill also sets requirements for premium renewals unless a new offer is received and requires the implementation of personal and commercial lines clearinghouses by designated deadlines. Additionally, it revises definitions and provisions related to the clearinghouse program, allowing approved surplus lines insurers to participate in the commercial lines clearinghouse while prohibiting their involvement in the personal lines clearinghouse.

Significant changes to eligibility criteria for commercial lines residential coverage are introduced, stating that applicants are ineligible if they receive comparable offers from authorized insurers at or below the established threshold. This applies to both new applicants and those renewing policies. The bill also emphasizes the rights of independent and exclusive insurance agents regarding client information, ensuring they retain exclusive rights to this data. Furthermore, it guarantees that proprietary business information shared with the clearinghouse remains confidential and outlines specific conditions for its potential disclosure. Overall, the bill aims to streamline the insurance process and enhance access to coverage for Florida residents while maintaining a structured operational framework for the corporation.

Statutes affected:
H 943 Filed: 627.3518