TALLAHASSEE, Florida — The state’s insurer of “last resort” would be required to steer condominium building owners and commercial property owners into private companies under a bill headed to Gov. Ron DeSantis’ desk.
Details: The Florida Legislature on Monday passed the measure that at one point was strongly opposed by the state’s insurance commissioner, who then dropped his opposition after the bill (S.B. 1028) was tweaked on the Senate floor.
The House voted 88-19 for the legislation that had cleared the Senate by a 33-1 vote last week. This will likely be the only substantive insurance bill passed by legislators this year.
The legislation will lead to the creation of two “clearinghouses” designed to move policies out of Citizens Property Insurance and over to other companies, including surplus lines carriers that aren’t licensed in Florida. A policyholder would have to switch from Citizens to the other carrier if the rate offered was no more than 15 percent higher. The bill also includes guidelines on the financial strength of the carries chosen to take over the policies.
