Bill > S0366

This bill requires the Commissioner of Insurance Regulation to establish a national risk pool for property insurance related to natural disasters by December 31, 2027, by creating an interstate compact with at least 14 other states. The purpose of this compact is to reduce financial risks for the state and its residents, essentially creating a collaborative mechanism where multiple states pool their resources and share the financial burden of property insurance claims resulting from natural disasters. By establishing such a compact, the bill aims to create a more robust and resilient insurance system that can better withstand large-scale natural disaster events, which can be financially devastating to individual states. The bill specifies that the compact must be initiated and entered into as soon as feasible, with a target of involving at least 14 other states, and it is set to take effect on July 1, 2026.

https://www.flsenate.gov/Session/Bill/2026/366