Bill Summary

by Hooper Co Sponsors: Dudley, Gibbons, Mayfield, Peters, Rogers, Van Zant, Zimmermann, Ahern CS Sponsors: Regulatory Affairs Committee, Insurance & Banking Subcommittee

Flood Insurance: Adds projected flood losses to factors that must be considered by OIR in reviewing certain rate filings; requires Florida Commission on Hurricane Loss Projection Methodology to adopt standards & guidelines relating to personal lines residential flood loss by certain date; authorizes certain insurers to offer flood insurance in this state; provides standard & preferred coverage requirements; provides preferred coverage requirements; defines "flood"; requires that certain limitations be noted on policy declarations or face page; provides insurer with rate options; authorizes surplus lines agent to export contract or endorsement for flood coverage to surplus lines insurer without meeting certain requirements; requires insurer to notify office before writing flood insurance & to file plan of operation with office; provides an exception; prohibits Citizens Property Insurance Corporation from providing flood insurance; prohibits Florida Hurricane Catastrophe Fund from reimbursing losses caused by flooding; requires certain agents to obtain an acknowledgment of certain disclosures signed by applicant. Effective Date: upon becoming a law

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