Bill > S1688

This bill proposes several key changes to Florida's insurance regulations: 1. It creates the Property Insurance Commission, a bipartisan legislative commission that will review and evaluate the insurance marketplace, comment on insurance data and reserve requirements, and exercise other duties prescribed by the legislature. 2. It requires the Commissioner of Insurance Regulation to be elected starting in 2024, with the initial commissioner serving a 2-year term and subsequent commissioners serving 4-year terms. 3. It prohibits former Commissioners of Insurance Regulation from representing clients before the Office of Insurance Regulation or working for regulated entities for 7 years after leaving office. 4. It modifies eligibility criteria for the state's My Safe Florida Home Program, which provides grants to homeowners for hurricane mitigation. 5. It prohibits property insurers from claiming insolvency if they continue operating in other states, and requires them to offer coverage in Florida if they provide property insurance elsewhere. 6. It imposes new restrictions on property insurers' ability to deny claims, including prohibiting the use of certain defenses like pre-existing conditions or faulty workmanship. 7. It directs the Office of Insurance Regulation to adopt rules requiring mandatory premium rate reductions when property insurance reform laws take effect, and to improve the reporting and investigation of insurance fraud.

https://www.flsenate.gov/Session/Bill/2023/1688