Bill Summary

by Albritton Co Sponsors: Weinstein

Citizens Property Insurance Corporation: Reduces to 2 percent from 6 percent amount of projected deficit in coastal account for prior calendar year which is recovered through regular assessments; requires that remaining projected deficits in personal & commercial lines accounts be recovered through emergency assessments after accounting for Citizens policyholder surcharge; requires OIR of FSC to notify assessable insurers & Florida Surplus Lines Service Office of dates assessable insurers shall collect & pay emergency assessments; removes reference to recoupment of residual market deficit assessments; requires board of governors to make determination that account has projected deficit before it levies Citizens policyholder surcharge; requires limited apportionment company begin collecting regular assessments within 90 days & pay in full within 15 months after assessment is levied; authorizes OIR to assist Citizens Property Insurance Corporation in collection of assessments; replaces term "market equalization surcharge" with term "policyholder surcharge." Effective Date: July 1, 2012

   H Insurance & Banking Subcommittee
   H Government Operations Appropriations Subcommittee
   H Economic Affairs Committee