summary
Introduced
In Committee
Crossed Over
Passed
Dead
Signed/Enacted/Adopted
05/29/2013
05/29/2013
Introduced Session
2013 Regular Session
Bill Summary
Amending provisions relating to the Florida Hurricane Catastrophe Fund; revising the restrictions on public adjuster compensation, payment, commission, fee, or any other thing of value; providing that certain residential structures are not eligible for coverage by the corporation after specified dates; establishing the Office of Inspector General within the corporation; requiring the creation of a clearinghouse program within the corporation, etc.
AI Summary
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. Key provisions include renaming the FHCF Finance Corporation to the State Board of Administration Finance Corporation, establishing an Office of Inspector General within the FHCF, and creating a clearinghouse program within Citizens Property Insurance Corporation to help move eligible policyholders into the private market. The bill also revises restrictions on public adjuster compensation, limiting fees to a percentage of the amount they recover for clients and prohibiting certain compensation structures. Additionally, it adjusts eligibility requirements for coverage by Citizens Property Insurance Corporation, making higher-value residential structures ineligible over time, and modifies procurement rules for Citizens Property Insurance Corporation to align with state purchasing laws. Finally, it requires the FHCF and Citizens Property Insurance Corporation to report annually on their financial status, including probable maximum losses, financing options, and potential assessments.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (2)
Appropriations (Senate), Banking and Insurance (Senate)
Last Action
Chapter No. 2013-60, companion bill(s) passed, see SB 1850 (Ch. 2013-61) (on 05/29/2013)
Official Document
bill text
bill summary
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bill summary
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bill summary
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