The bill amends Florida statutes concerning the Citizens Property Insurance Corporation, specifically focusing on the issuance of new coverage for commercial residential and nonresidential risks. It prohibits the corporation from issuing new coverage if an approved surplus lines clearinghouse insurer offers comparable coverage at a total cost not exceeding 15% more than the corporation's cost for that specific risk. The bill also defines "total cost of insurance coverage" and establishes a framework for implementing personal and commercial lines clearinghouses to improve access to coverage from authorized and surplus lines insurers. Additionally, it revises definitions and responsibilities within the clearinghouse program, mandates the corporation to share risk exposure and policy information, and requires the establishment of separate commercial lines clearinghouses by specified deadlines.

Furthermore, the bill introduces eligibility criteria for applicants seeking coverage, stating that those who receive offers from authorized insurers at or below certain thresholds are ineligible for coverage from the corporation. It clarifies that independent and exclusive agents retain ownership of application records and outlines conditions for their operation without insurer appointment. The bill also mandates the review and approval of the program by the office within three months of the act's effective date and annually thereafter, ensuring confidentiality of proprietary information and prohibiting discretionary rate adjustments for specific risks submitted to the commercial lines clearinghouse. Overall, the legislation aims to streamline the surplus lines insurance process while enhancing transparency and regulatory compliance.

Statutes affected:
S 1028 Filed: 627.3518
S 1028 c1: 627.3518
S 1028 c2: 627.3518
S 1028 e1: 627.3518
S 1028 er: 627.3518