Bill > H0695

This bill amends Section 215.555 of the Florida Statutes, which governs the Florida Hurricane Catastrophe Fund. The key provisions of the bill are: 1. It defines the term "unsound insurer" as an insurer determined by the Office of Insurance Regulation to be in unsound condition or an insurer placed in receivership. 2. It allows an authorized insurer or the Citizens Property Insurance Corporation to obtain coverage under the Florida Hurricane Catastrophe Fund for policies assumed from an unsound insurer, either by obtaining coverage under the insurer's existing contract with the fund or through an assignment of the contract. 3. It clarifies that if a covered event has occurred before the effective date of the transfer of the policies, the authorized insurer or the Citizens Property Insurance Corporation can only obtain coverage through an assignment of the unsound insurer's contract. The bill aims to provide a framework for the transfer and coverage of policies from unsound insurers to authorized insurers or the Citizens Property Insurance Corporation under the Florida Hurricane Catastrophe Fund.

Budget and Finance, Business and Industry

https://www.flsenate.gov/Session/Bill/2022/695