Bill > H1477

This bill makes several changes to property insurance regulations in Florida: It creates a Property Insurance Commission to review and evaluate the insurance marketplace, market data, and reserve requirements for insurers. Beginning in 2024, the Commissioner of Insurance Regulation will be an elected position. The bill also imposes restrictions on former commissioners from representing others before the Office of Insurance Regulation or working for regulated entities for 7 years after leaving office. The bill revises eligibility criteria for homeowners to receive mitigation grants, requiring the home to have a building permit application made before 2008 rather than being located in a wind-borne debris region. It also requires that any interest earned on insurance proceeds held by a mortgagee be paid to the insured. The bill prohibits property insurers from claiming insolvency if they still operate in other states, and requires all property insurers engaging in activities in other states to also offer property insurance in Florida. Insurers are prohibited from using certain defenses like preexisting conditions or faulty installation to deny claims. The bill directs the Office of Insurance Regulation to adopt rules requiring premium rate reductions when property insurance reform legislation is enacted, improving fraud reporting and investigation, and redetermining flood zones. It also requires a study by OPPAGA on the effectiveness of the property insurance mediation program.

Business and Industry

https://www.flsenate.gov/Session/Bill/2023/1477