Bill Summary

by Wood  CS Sponsors: Regulatory Affairs Committee, Insurance & Banking Subcommittee

Citizens Property Insurance Corporation: Provides that certain residential structures are not eligible for coverage by corporation after specified dates; provides exception; prohibits corporation from covering new construction of major structure, or substantial improvements, commencing on or after July 1, 2014, that is seaward of coastal construction control line or is within Coastal Barrier Resources System; revises membership of board of governors of corporation; restricts eligibility of risk for renewal policy issued by corporation; requires disclosure of potential corporation surcharges & policyholder obligations; revises duties & responsibilities of internal auditor; authorizes insurers taking out, assuming, or removing policies from corporation to use corporation's policy forms & endorsements for specified time without approval by OIR; authorizes corporation to adopt policy forms that allow corporation to replace or repair covered damage in lieu of paying value of loss; establishes Office of Inspector General within corporation; provides for appointment, qualifications, duties, & responsibilities of inspector general; provides that corporation is subject to state agency purchasing requirements; provides procedures for protesting purchasing decisions. Effective Date: July 1, 2013

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