Bill > S0634

This bill amends Florida's insurance regulations for Citizens Property Insurance Corporation, a state-run insurer of last resort, by modifying rate increase limitations. Specifically, for any order establishing rates on or after June 1, 2026, the current restrictions on annual rate increases (which cap increases at 12% in 2023, rising to 15% by 2026) will no longer apply to new policies or their subsequent renewals. The bill includes an important exception: this deregulation does not apply to new policies covering primary residences in counties where the state determines there is not a reasonable level of insurance market competition. The legislation aims to provide more flexibility in pricing for Citizens Property Insurance Corporation, potentially allowing for more actuarially sound and market-responsive rates for certain types of policies. The bill maintains the corporation's core purpose as a residual market mechanism to provide insurance when coverage cannot be obtained in the voluntary market, while giving the insurer more latitude in setting rates for non-primary residence policies after June 2026.

https://www.flsenate.gov/Session/Bill/2026/634