Bill > S1528

This bill proposes to increase the minimum surplus requirement for certain new and existing insurers transacting residential property insurance in Florida. For new insurers, the minimum surplus requirement is increased from $15 million to $20 million. For existing insurers that held a certificate of authority before July 1, 2011, the minimum surplus requirement will incrementally increase from $5 million to $20 million by 2025, and then increase by $5 million every 5 years thereafter. The bill also provides the state insurance office the authority to reduce these surplus requirements in certain circumstances, such as if the insurer is not writing new business or has low residential property insurance premiums.

https://www.flsenate.gov/Session/Bill/2023/1528