Bill > H0319

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 by spreading the potential economic burden of natural disaster property damage across multiple states. A national risk pool is a collaborative financial mechanism where multiple states contribute to and share insurance resources, which can help make property insurance more affordable and stable in regions prone to natural disasters. The bill specifies that the compact must be initiated and entered into by the specified date, with an effective date of July 1, 2026, providing a clear timeline for implementation. By creating this interstate compact, the state aims to develop a more resilient and coordinated approach to managing property insurance risks associated with natural disasters.

Business and Industry

https://www.flsenate.gov/Session/Bill/2026/319