Bill > S0096

This bill amends Florida law concerning the Citizens Property Insurance Corporation, which is the state's insurer of last resort for property insurance. The key provision clarifies that any limitations on annual rate increases apply to both new policies and renewals of existing policies, ensuring that policyholders do not face unexpected jumps in premiums. It also mandates that the corporation must file its recommended rates annually, and the state office responsible for insurance regulation must issue a final order on these rates within 45 days, with the corporation unable to challenge this order. Furthermore, the bill establishes an annual rate increase limit of 10 percent for any single policy, excluding sinkhole coverage, and this limit applies regardless of whether the policy is new or a renewal, unless the corporation implements actuarially sound rates for that line of business.