Bill > S0122

This bill provides requirements and limitations for property insurance assignment agreements, which are agreements where post-loss benefits under a residential or commercial property insurance policy are assigned or transferred to a third party. The bill requires assignment agreements to be in writing, include specific provisions, and prohibit certain fees or penalties. It also authorizes insurers to offer policies restricting the assignment of post-loss benefits, provided certain conditions are met. The bill amends existing law to clarify that property insurance policies cannot prohibit the assignment of post-loss benefits unless the policy complies with the new requirements. Additionally, the bill requires Citizens Property Insurance Corporation to include an exhibit demonstrating the impact of the act on DP-3 and HO-3 policy rates.