Bill > H0909

This bill makes several changes to Florida's property insurance laws, primarily focusing on the Florida Hurricane Catastrophe Fund (FHCF) and Citizens Property Insurance Corporation (Citizens). Key provisions include revising the exemption of medical malpractice insurance premiums from emergency assessments if the FHCF's revenues are insufficient, allowing Citizens to place business with authorized insurers without certain limitations, and modifying restrictions on public adjuster compensation, including a new rule that compensation for reopened or supplemental claims must be based solely on the new settlement amount and cannot exceed 20% of that amount. The bill also introduces new eligibility requirements for residential structures to be covered by Citizens, phasing in stricter limits on dwelling replacement costs over several years, and establishes a clearinghouse program within Citizens to help move ineligible applicants and policyholders into the private insurance market. Furthermore, both the FHCF and Citizens will be required to submit annual reports to the Legislature and the Financial Services Commission detailing their probable maximum losses, financing options, and potential assessments, with the goal of increasing transparency and understanding of the state's hurricane risk financing mechanisms.