The bill amends Florida Statutes concerning the Citizens Property Insurance Corporation, focusing on the issuance and renewal of coverage for commercial residential and nonresidential risks. It prohibits the corporation from issuing or renewing such coverage if an approved surplus lines clearinghouse insurer offers comparable coverage at a cost not exceeding 20% more than the corporation's total cost. The bill also specifies that the corporation cannot impose a premium equalization adjustment under certain conditions and outlines the components that constitute the total cost of insurance coverage. Additionally, it establishes a timeline for implementing a commercial lines clearinghouse by January 1, 2027, to improve access to coverage for new applicants and existing policyholders.

Moreover, the bill revises definitions and responsibilities related to the clearinghouse program, including the establishment of a personal lines clearinghouse and the requirement for the corporation to confirm eligibility for coverage. It allows participation from approved surplus lines clearinghouse insurers in the commercial lines clearinghouse while prohibiting their involvement in the personal lines clearinghouse. The bill clarifies the rights and responsibilities of the corporation and independent insurance agents, ensures that agents maintain ownership of their records, and introduces a definition for "proprietary business information." It also outlines conditions for disclosing such information and emphasizes that the submission of an application does not constitute binding coverage. Overall, the legislation aims to enhance the efficiency and accessibility of insurance coverage for commercial risks in Florida.

Statutes affected:
S 1028 Filed: 627.3518
S 1028 c1: 627.3518