Bill > H1099

This bill makes several changes to the operations and regulations of the Citizens Property Insurance Corporation, Florida's insurer of last resort. Key provisions include revising the definition of a "covered policy" to clarify what types of insurance are included, and allowing Citizens to act as an agent to place new and renewal business with authorized insurers as part of efforts to reduce the corporation's size. The bill also modifies requirements for reinsurance agreements, which are contracts where one insurer transfers risk to another, allowing Citizens' board of governors to limit its participation in certain reinsurance arrangements. It mandates that if Citizens acts as a reinsurer, all policy forms and endorsements must be approved by the Office of Insurance Regulation (OIR), and prohibits Citizens from sharing risk for certain damages like extra-contractual damages. Furthermore, the bill requires Citizens and participating insurers to report additional information to the Florida Hurricane Catastrophe Fund (FHCF), a state-run fund that provides reinsurance to insurers for hurricane losses, and revises procedures for determining if a property risk is eligible for coverage by Citizens, including implementing a "clearinghouse" system for new applications to facilitate the voluntary writing of risks by private insurers.