Bill > H7093

This bill aims to streamline the operations of the Citizens Property Insurance Corporation (Citizens), a state-backed insurer, by exempting it from certain limitations when placing business with other authorized insurers and by establishing a new "clearinghouse program." The clearinghouse program, to be implemented by January 1, 2014, will act as a central point for processing applications and renewals for personal residential risks, facilitating offers of coverage from private insurance companies, and diverting eligible policyholders from Citizens to the voluntary market. The bill also modifies eligibility rules for renewal policies, restricting coverage for policyholders who receive an offer from a private insurer that is equal to or less than Citizens' renewal premium. Additionally, it requires Citizens to report on its procedures for diverting commercial residential risks to the private market to the Legislature.