The bill amends Florida Statutes concerning the Citizens Property Insurance Corporation by establishing a clearinghouse program for personal and commercial lines insurance. It mandates that the corporation charge a premium for certain risks, specifically for commercial residential and nonresidential coverage, which must be the greater of the premium offered by an approved surplus lines clearinghouse insurer or the corporation's calculated premium. The bill also sets forth requirements for policy renewals and specifies conditions under which applicants for new commercial lines residential coverage may be ineligible for coverage from the corporation. Additionally, it introduces definitions for key terms and mandates the implementation of a commercial lines clearinghouse by January 1, 2027, to facilitate access to offers from authorized insurers.

Furthermore, the bill outlines new eligibility provisions for coverage under the insurance program, allowing applicants to choose between accepting offers from authorized insurers that exceed eligibility thresholds or continuing with the corporation's coverage. It clarifies that offers from approved surplus lines clearinghouse insurers do not impact eligibility for corporation coverage, provided the new coverage is equivalent or better. The bill also emphasizes the ownership rights of agents regarding applications and renewals, ensuring they are not required to be appointed by insurers for policies written through the program. Additionally, it establishes confidentiality for proprietary business information shared with the clearinghouse, aiming to enhance insurance options while protecting the interests of agents and insurers involved.

Statutes affected:
S 1028 Filed: 627.3518