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SB 1058 — Property Insurer Reimbursements
by Senator Hutson
This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.
Prepared by: Banking and Insurance Committee (BI)
The bill authorizes the State Board of Administration to provide Florida Hurricane Catastrophe Fund (Cat Fund) coverage to authorized insurers or Citizens Property Insurance Corporation (Citizens) for the policies of unsound insurers that the authorized insurer or Citizens assumes or otherwise provides coverage. The authorized insurer or Citizens may obtain Cat Fund coverage for such policies either through the authorized insurer’s or Citizens’ reimbursement contract with the Cat Fund or by accepting an assignment of the unsound insurer’s contract with the Cat Fund.
Effective June 1, 2023, the bill also requires that the Cat Fund provide reimbursement for a loss under collateral protection insurance when the coverage amount differs from the coverage amount under the lapsed policy if the homeowner received notice of the collateral protection insurance coverage amount, or the homeowner requested a different coverage amount from the collateral protection insurer.
If approved by the Governor, these provisions take effect July 1, 2022, except where otherwise provided.
Vote: Senate 37-1; House 110-0