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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to insurance; amending s. 215.555, 2
F.S.; revising the calculation of amount of losses 3
below which an insurer is not entitled to 4
reimbursement from the Florida Hurricane Catastrophe 5
Fund for certain contract years; requiring the formula 6
for determining actuarially indicated premiums to 7
include a cash build -up factor in contract years only 8
under certain circumstances; deleting obsolete 9
language; limiting the amount of the cash build -up 10
factor; revising the definition of the term "covered 11
policy" in relation to certain collateral protection 12
insurance policies; amending s. 440.381, F.S.; 13
revising the annual audit requirement for construction 14
classes to apply to policies having estimated annual 15
premiums over a specified threshold; creating s. 16
624.46227, F.S.; authorizing any association, trust, 17
or pool created for the purpose of forming a risk 18
management mechanism or providing self -insurance for a 19
public entity to use communications media technology 20
to establish a quorum and conduct business; amend ing 21
s. 626.221, F.S.; exempting certain applicants for 22
licensure as all-lines adjusters from a required 23
examination; amending s. 626.856, F.S.; revising the 24
definition of the term "company employee adjuster"; 25
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
reenacting and amending s. 627.062, F.S.; autho rizing 26
the use of a certain modeling indication for 27
residential property insurance rate filings; amending 28
s. 627.0629, F.S.; authorizing insurers to file 29
certain insurance rating plans based on certain 30
windstorm mitigation construction standards if certain 31
requirements are met; amending s. 627.0665, F.S.; 32
revising notification requirements for insurers that 33
have automatic bank withdrawal agreements with 34
insureds to include notices when withdrawal amounts 35
increase above a specified threshold; reenacting and 36
amending s. 627.351, F.S.; revising conditions for 37
determining the ineligibility of condominiums for 38
wind-only coverage; amending s. 627.421, F.S.; 39
deleting a requirement for electronic transmissions of 40
certain documents to include specified notices; 41
deleting a requirement that paper copies of policies 42
be provided upon request; amending ss. 627.701 and 43
627.712, F.S.; revising policyholder acknowledgment 44
statement requirements for property insurance policies 45
having certain hurricane deductibles or windstorm or 46
contents coverage exclusions, respectively; amending 47
s. 627.7152, F.S.; revising the definition of the term 48
"assignment agreement"; specifying the addresses to 49
which a notice of intent must be served; amending s. 50
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
627.7276, F.S.; revising notice requirem ents for motor 51
vehicle policies that do not provide coverage for 52
bodily injury and property damage liability; amending 53
ss. 634.171, 634.317, and 634.419, F.S.; authorizing 54
licensed personal lines or general lines agents to 55
solicit, negotiate, advertise, or sell motor vehicle 56
service agreements, home warranty contracts, and 57
service warranty contracts, respectively, without a 58
sales representative license; making technical 59
changes; reenacting ss. 624.424(10) and 627.351(6)(v), 60
F.S., relating to annual statemen ts and other 61
information and Citizens Property Insurance 62
Corporation, respectively, to incorporate the 63
amendment made to s. 215.555, F.S., in references 64
thereto; reenacting s. 626.8734(1)(b), F.S., relating 65
to nonresident all-lines adjuster license 66
qualifications, to incorporate the amendment made to 67
s. 626.221, F.S., in a reference thereto; reenacting 68
s. 626.865(1)(e), F.S., relating to public adjuster's 69
qualifications, to incorporate the amendment made to 70
s. 626.856, F.S., in a reference thereto; reenacti ng 71
s. 627.7153(1) and (2)(d), F.S., relating to policies 72
restricting assignment of post -loss benefits under a 73
property insurance policy, to incorporate the 74
amendment made to s. 627.7152, F.S., in references 75
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thereto; providing effective dates. 76
77
Be It Enacted by the Legislature of the State of Florida: 78
79
Section 1. Effective June 1, 2022, paragraph (e) of 80
subsection (2) of section 215.555, Florida Statutes, is amended 81
to read: 82
215.555 Florida Hurricane Catastrophe Fund. — 83
(2) DEFINITIONS.—As used in this section: 84
(e) "Retention" means the amount of losses below which an 85
insurer is not entitled to reimbursement from the fund. An 86
insurer's retention shall be calculated as follows: 87
1. The board shall calculate and report to each insurer 88
the retention multiples for that year. For the contract year 89
beginning June 1, 2022 2005, the retention multiple shall be 90
equal to $4.5 billion divided by the total estimated 91
reimbursement premium for the contract year; for subsequent 92
years, the retention multiple sha ll be equal to $4.5 billion, 93
adjusted based upon the reported exposure for the contract year 94
occurring 2 years before the particular contract year to reflect 95
the percentage growth in exposure to the fund for covered 96
policies since 2021 2004, divided by the total estimated 97
reimbursement premium for the contract year. Total reimbursement 98
premium for purposes of the calculation under this subparagraph 99
shall be estimated using the assumption that all insurers have 100
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selected the 90-percent coverage level. 101
2. The retention multiple as determined under subparagraph 102
1. shall be adjusted to reflect the coverage level elected by 103
the insurer. For insurers electing the 90 -percent coverage 104
level, the adjusted retention multiple is 100 percent of the 105
amount determined un der subparagraph 1. For insurers electing 106
the 75-percent coverage level, the retention multiple is 120 107
percent of the amount determined under subparagraph 1. For 108
insurers electing the 45 -percent coverage level, the adjusted 109
retention multiple is 200 percen t of the amount determined under 110
subparagraph 1. 111
3. An insurer shall determine its provisional retention by 112
multiplying its provisional reimbursement premium by the 113
applicable adjusted retention multiple and shall determine its 114
actual retention by multip lying its actual reimbursement premium 115
by the applicable adjusted retention multiple. 116
4. For insurers who experience multiple covered events 117
causing loss during the contract year, beginning June 1, 2005, 118
each insurer's full retention shall be applied to each of the 119
covered events causing the two largest losses for that insurer. 120
For each other covered event resulting in losses, the insurer's 121
retention shall be reduced to one -third of the full retention. 122
The reimbursement contract shall provide for the reim bursement 123
of losses for each covered event based on the full retention 124
with adjustments made to reflect the reduced retentions on or 125
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after January 1 of the contract year provided the insurer 126
reports its losses as specified in the reimbursement contract. 127
Section 2. Paragraph (b) of subsection (5) of section 128
215.555, Florida Statutes, is amended to read: 129
215.555 Florida Hurricane Catastrophe Fund. — 130
(5) REIMBURSEMENT PREMIUMS. — 131
(b) The State Board of Administration shall select an 132
independent consultant to develop a formula for determining the 133
actuarially indicated premium to be paid to the fund. The 134
formula shall specify, for each zip code or other limited 135
geographical area, the amount of premium to be paid by an 136
insurer for each $1,000 of insured va lue under covered policies 137
in that zip code or other area. In establishing premiums, the 138
board shall consider the coverage elected under paragraph (4)(b) 139
and any factors that tend to enhance the actuarial 140
sophistication of ratemaking for the fund, includin g 141
deductibles, type of construction, type of coverage provided, 142
relative concentration of risks, and other such factors deemed 143
by the board to be appropriate. The formula must provide for a 144
cash build-up factor only in a contract year in which the fund's 145
cash balance at the end of the previous calendar year is less 146
than $10 billion and for 2 subsequent contract years after the 147
year in which such a cash build -up factor is triggered . For the 148
2009-2010 contract year, the factor is 5 percent. For the 2010 -149
2011 contract year, the factor is 10 percent. For the 2011 -2012 150
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contract year, the factor is 15 percent. For the 2012 -2013 151
contract year, the factor is 20 percent. For the 2013 -2014 152
contract year and thereafter, The factor is and may not exceed 153
25 percent. The formula may provide for a procedure to determine 154
the premiums to be paid by new insurers that begin writing 155
covered policies after the beginning of a contract year, taking 156
into consideration when the insurer starts writing covered 157
policies, the potential e xposure of the insurer, the potential 158
exposure of the fund, the administrative costs to the insurer 159
and to the fund, and any other factors deemed appropriate by the 160
board. The formula must be approved by unanimous vote of the 161
board. The board may, at any t ime, revise the formula pursuant 162
to the procedure provided in this paragraph. 163
Section 3. Effective June 1, 2023, paragraph (c) of 164
subsection (2) of section 215.555, Florida Statutes, is amended 165
to read: 166
215.555 Florida Hurricane Catastrophe Fund. — 167
(2) DEFINITIONS.—As used in this section: 168
(c) "Covered policy" means any insurance policy covering 169
residential property in this state, including, but not limited 170
to, any homeowner, mobile home owner, farm owner, condominium 171
association, condominium unit owner, tenant, or apartment 172
building policy, or any other policy covering a residential 173
structure or its contents issued by any authorized insurer, 174
including a commercial self -insurance fund holding a certificate 175
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of authority issued by the Office of Insur ance Regulation under 176
s. 624.462, the Citizens Property Insurance Corporation, and any 177
joint underwriting association or similar entity created under 178
law. The term "covered policy" includes any collateral 179
protection insurance policy covering personal resid ences which 180
protects both the borrower's and the lender's financial 181
interests, in an amount at least equal to the coverage amount 182
for the dwelling in place under the lapsed homeowner's policy, 183
the coverage amount that the homeowner has been notified of by 184
the collateral protection insurer, or the coverage amount that 185
the homeowner requests from the collateral protection insurer, 186
if such collateral protection insurance policy can be accurately 187
reported as required in subsection (5). Additionally, covered 188
policies include policies covering the peril of wind removed 189
from the Florida Residential Property and Casualty Joint 190
Underwriting Association or from the Citizens Property Insurance 191
Corporation, created under s. 627.351(6), or from the Florida 192
Windstorm Underwriting Association, created under s. 627.351(2), 193
by an authorized insurer under the terms and conditions of an 194
executed assumption agreement between the authorized insurer and 195
such association or Citizens Property Insurance Corporation. 196
Each assumption agreement between the association and such 197
authorized insurer or Citizens Property Insurance Corporation 198
must be approved by the Office of Insurance Regulation before 199
the effective date of the assumption, and the Office of 200
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Insurance Regulation must provide written notification to the 201
board within 15 working days after such approval. "Covered 202
policy" does not include any policy that excludes wind coverage 203
or hurricane coverage or any reinsurance agreement and does not 204
include any policy otherwise meeting this definition which is 205
issued by a surplus lines insurer or a reinsurer. All commercial 206
residential excess policies and all deductible buy -back policies 207
that, based on sound actuarial principles, require individual 208
ratemaking must shall be excluded by rule i f the actuarial 209
soundness of the fund is not jeopardized. For this purpose, the 210
term "excess policy" means a policy that provides insurance 211
protection for large commercial property risks and that provides 212
a layer of coverage above a primary layer insured b y another 213
insurer. 214
Section 4. Subsection (3) of section 440.381, Florida 215
Statutes, is amended to read: 216
440.381 Application for coverage; reporting payroll; 217
payroll audit procedures; penalties. — 218
(3) The Financial Services Commission, in consultation 219
with the department, shall establish by rule minimum 220
requirements for audits of payroll and classifications in order 221
to ensure that the appropriate premium is charged for workers' 222
compensation coverage. The rules must shall ensure that audits 223
performed by both carriers and employers are adequate to provide 224
that all sources of payments to employees, subcontractors, and 225
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independent contractors are have been reviewed and that the 226
accuracy of classification of employees is has been verified. 227
The rules must require shall provide that employers in all 228
classes other than the construction class be audited at least 229
not less frequently than biennially and may provide for more 230
frequent audits of employers in specified classifications based 231
on factors such as amount of premium, type of business, loss 232
ratios, or other relevant factors. In no event shall Employers 233
in the construction class , generating more than the amount of 234
premium required to be experience rated must, be audited at 235
least less than annually. The annual a udits required for 236
construction classes must shall consist of physical onsite 237
audits for policies only if the estimated annual premium is 238
$10,000 or more. Payroll verification audit rules must include, 239
but need not be limited to, the use of state and feder al reports 240
of employee income, payroll and other accounting records, 241
certificates of insurance maintained by subcontractors, and 242
duties of employees. At the completion of an audit, the employer 243
or officer of the corporation and the auditor must print and 244
sign their names on the audit document and attach proof of 245
identification to the audit document. 246
Section 5. Section 624.46227, Florida Statutes, is created 247
to read: 248
624.46227 Meeting requirements. —Any association, trust, or 249
pool authorized by state la w and created for the purpose of 250
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forming a risk management mechanism or providing self -insurance 251
for public entities in the state may use communications media 252
technology to establish a quorum and conduct business. 253
Section 6. Paragraph (j) of subsection (2) of section 254
626.221, Florida Statutes, is amended to read: 255
626.221 Examination requirement; exemptions. — 256
(2) However, an examination is not necessary for any of 257
the following: 258
(j) An applicant for license as an all -lines adjuster who 259
has the designation of Accredited Claims Adjuster (ACA) from a 260
regionally accredited postsecondary institution in this state, 261
Associate in Claims (AIC) from the Insurance Institute of 262
America, Professional Claims Adjuster (PCA) from the 263
Professional Career Institute, Professional Property Insurance 264
Adjuster (PPIA) from the HurriClaim Training Academy, Certified 265
Adjuster (CA) from ALL LINES Training, Certified Claims Adjuster 266
(CCA) from AE21 Incorporated, Claims Adjuster Certified 267
Professional (CACP) from WebCE, Inc., A ccredited Insurance 268
Claims Specialist (AICS) from Encore Claim Services, Certified 269
All Lines Adjuster (CALA) from Kaplan, or Universal Claims 270
Certification (UCC) from Claims and Litigation Management 271
Alliance (CLM) whose curriculum has been approved by the 272
department and which includes comprehensive analysis of basic 273
property and casualty lines of insurance and testing at least 274
equal to that of standard department testing for the all -lines 275
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adjuster license. The department shall adopt rules establishing 276
standards for the approval of curriculum. 277
Section 7. Section 626.856, Florida Statutes, is amended 278
to read: 279
626.856 "Company employee adjuster" defined. —A "company 280
employee adjuster" means a person licensed as an all -lines 281
adjuster who is appointed and employed on an insurer's staff of 282
adjusters, by an affiliate, or by a wholly owned subsidiary of 283
the insurer, and who undertakes on behalf of such insurer or 284
other insurers under common control or ownership to ascertain 285
and determine the amount of any clai m, loss, or damage payable 286
under a contract of insurance, or undertakes to effect 287
settlement of such claim, loss, or damage. 288
Section 8. Paragraph (j) of subsection (2) of section 289
627.062, Florida Statutes, is amended, and paragraph (k) of that 290
subsection is reenacted for the purpose of incorporating the 291
amendment made by this act to section 215.555, Florida Statutes, 292
to read: 293
627.062 Rate standards. — 294
(2) As to all such classes of insurance: 295
(j) With respect to residential property insurance rate 296
filings, the rate filing : 297
1. Must account for mitigation measures undertaken by 298
policyholders to reduce hurricane losses. 299
2. May use a modeling indication that is the weighted or 300
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straight average of two or more hurricane loss projection models 301
found by the commission to be accurate or reliable under s. 302
627.0628. 303
(k)1. A residential property insurer may make a separate 304
filing limited solely to an adjustment of its rates for 305
reinsurance, the cost of financing products used as a 306
replacement for reinsuranc e, financing costs incurred in the 307
purchase of reinsurance, and the actual cost paid due to the 308
application of the cash build -up factor pursuant to s. 309
215.555(5)(b) if the insurer: 310
a. Elects to purchase financing products such as a 311
liquidity instrument o r line of credit, in which case the cost 312
included in filing for the liquidity instrument or line of 313
credit may not result in a premium increase exceeding 3 percent 314
for any individual policyholder. All costs contained in the 315
filing may not result in an over all premium increase of more 316
than 15 percent for any individual policyholder. 317
b. Includes in the filing a copy of all of its 318
reinsurance, liquidity instrument, or line of credit contracts; 319
proof of the billing or payment for the contracts; and the 320
calculation upon which the proposed rate change is based 321
demonstrating that the costs meet the criteria of this section. 322
2. An insurer that purchases reinsurance or financing 323
products from an affiliated company may make a separate filing 324
only if the costs for such reinsurance or financing products are 325
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charged at or below charges made for comparable coverage by 326
nonaffiliated reinsurers or financial entities making such 327
coverage or financing products available in this state. 328
3. An insurer may make only one fili ng per 12-month period 329
under this paragraph. 330
4. An insurer that elects to implement a rate change under 331
this paragraph must file its rate filing with the office at 332
least 45 days before the effective date of the rate change. 333
After an insurer submits a com plete filing that meets all of the 334
requirements of this paragraph, the office has 45 days after the 335
date of the filing to review the rate filing and determine if 336
the rate is excessive, inadequate, or unfairly discriminatory. 337
338
The provisions of this subsect ion do not apply to workers' 339
compensation, employer's liability insurance, and motor vehicle 340
insurance. 341
Section 9. Subsection (9) is added to section 627.0629, 342
Florida Statutes, to read: 343
627.0629 Residential property insurance; rate filings. — 344
(9) An insurer may file with the office a personal lines 345
residential property insurance rating plan that provides 346
justified premium discounts, credits, or other rate 347
differentials based on windstorm mitigation construction 348
standards developed by an indepe ndent, nonprofit scientific 349
research organization, if such standards meet the requirements 350
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of this section. 351
Section 10. Section 627.0665, Florida Statutes, is amended 352
to read: 353
627.0665 Automatic bank withdrawal agreements; 354
notification required. —Any insurer licensed to issue insurance 355
in the state which who has an automatic bank withdrawal 356
agreement with an insured party for the payment of insurance 357
premiums for any type of insurance shall give the named insured 358
at least 15 days advance written notice of any increase in 359
policy premiums which results in the next automatic bank 360
withdrawal being increased by more than $10. Such notice must be 361
provided before prior to any automatic bank withdrawal of the an 362
increased premium amount. 363
Section 11. Paragra ph (a) of subsection (6) of section 364
627.351, Florida Statutes, is amended, and paragraph (n) of that 365
subsection is reenacted for the purpose of incorporating the 366
amendment made by this act to section 215.555, Florida Statutes, 367
to read: 368
627.351 Insurance risk apportionment plans. — 369
(6) CITIZENS PROPERTY INSURANCE CORPORATION. — 370
(a) The public purpose of this subsection is to ensure 371
that there is an orderly market for property insurance for 372
residents and businesses of this state. 373
1. The Legislature find s that private insurers are 374
unwilling or unable to provide affordable property insurance 375
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coverage in this state to the extent sought and needed. The 376
absence of affordable property insurance threatens the public 377
health, safety, and welfare and likewise thre atens the economic 378
health of the state. The state therefore has a compelling public 379
interest and a public purpose to assist in assuring that 380
property in the state is insured and that it is insured at 381
affordable rates so as to facilitate the remediation, 382
reconstruction, and replacement of damaged or destroyed property 383
in order to reduce or avoid the negative effects otherwise 384
resulting to the public health, safety, and welfare, to the 385
economy of the state, and to the revenues of the state and local 386
governments which are needed to provide for the public welfare. 387
It is necessary, therefore, to provide affordable property 388
insurance to applicants who are in good faith entitled to 389
procure insurance through the voluntary market but are unable to 390
do so. The Legislature intends, therefore, that affordable 391
property insurance be provided and that it continue to be 392
provided, as long as necessary, through Citizens Property 393
Insurance Corporation, a government entity that is an integral 394
part of the state, and that is not a private insurance company. 395
To that end, the corporation shall strive to increase the 396
availability of affordable property insurance in this state, 397
while achieving efficiencies and economies, and while providing 398
service to policyholders, applicants, and agen ts which is no 399
less than the quality generally provided in the voluntary 400
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market, for the achievement of the foregoing public purposes. 401
Because it is essential for this government entity to have the 402
maximum financial resources to pay claims following a 403
catastrophic hurricane, it is the intent of the Legislature that 404
the corporation continue to be an integral part of the state and 405
that the income of the corporation be exempt from federal income 406
taxation and that interest on the debt obligations issued by the 407
corporation be exempt from federal income taxation. 408
2. The Residential Property and Casualty Joint 409
Underwriting Association originally created by this statute 410
shall be known as the Citizens Property Insurance Corporation. 411
The corporation shall provide in surance for residential and 412
commercial property, for applicants who are entitled, but, in 413
good faith, are unable to procure insurance through the 414
voluntary market. The corporation shall operate pursuant to a 415
plan of operation approved by order of the Finan cial Services 416
Commission. The plan is subject to continuous review by the 417
commission. The commission may, by order, withdraw approval of 418
all or part of a plan if the commission determines that 419
conditions have changed since approval was granted and that the 420
purposes of the plan require changes in the plan. For the 421
purposes of this subsection, residential coverage includes both 422
personal lines residential coverage, which consists of the type 423
of coverage provided by homeowner, mobile home owner, dwelling, 424
tenant, condominium unit owner, and similar policies; and 425
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commercial lines residential coverage, which consists of the 426
type of coverage provided by condominium association, apartment 427
building, and similar policies. 428
3. With respect to coverage for personal lin es residential 429
structures: 430
a. Effective January 1, 2014, a structure that has a 431
dwelling replacement cost of $1 million or more, or a single 432
condominium unit that has a combined dwelling and contents 433
replacement cost of $1 million or more, is not eligibl e for 434
coverage by the corporation. Such dwellings insured by the 435
corporation on December 31, 2013, may continue to be covered by 436
the corporation until the end of the policy term. The office 437
shall approve the method used by the corporation for valuing the 438
dwelling replacement cost for the purposes of this subparagraph. 439
If a policyholder is insured by the corporation before being 440
determined to be ineligible pursuant to this subparagraph and 441
such policyholder files a lawsuit challenging the determination, 442
the policyholder may remain insured by the corporation until the 443
conclusion of the litigation. 444
b. Effective January 1, 2015, a structure that has a 445
dwelling replacement cost of $900,000 or more, or a single 446
condominium unit that has a combined dwelling and c ontents 447
replacement cost of $900,000 or more, is not eligible for 448
coverage by the corporation. Such dwellings insured by the 449
corporation on December 31, 2014, may continue to be covered by 450
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the corporation only until the end of the policy term. 451
c. Effective January 1, 2016, a structure that has a 452
dwelling replacement cost of $800,000 or more, or a single 453
condominium unit that has a combined dwelling and contents 454
replacement cost of $800,000 or more, is not eligible for 455
coverage by the corporation. Such dwe llings insured by the 456
corporation on December 31, 2015, may continue to be covered by 457
the corporation until the end of the policy term. 458
d. Effective January 1, 2017, a structure that has a 459
dwelling replacement cost of $700,000 or more, or a single 460
condominium unit that has a combined dwelling and contents 461
replacement cost of $700,000 or more, is not eligible for 462
coverage by the corporation. Such dwellings insured by the 463
corporation on December 31, 2016, may continue to be covered by 464
the corporation until the end of the policy term. 465
466
The requirements of sub -subparagraphs b.-d. do not apply in 467
counties where the office determines there is not a reasonable 468
degree of competition. In such counties a personal lines 469
residential structure that has a dwelling repla cement cost of 470
less than $1 million, or a single condominium unit that has a 471
combined dwelling and contents replacement cost of less than $1 472
million, is eligible for coverage by the corporation. 473
4. It is the intent of the Legislature that policyholders, 474
applicants, and agents of the corporation receive service and 475
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treatment of the highest possible level but never less than that 476
generally provided in the voluntary market. It is also intended 477
that the corporation be held to service standards no less than 478
those applied to insurers in the voluntary market by the office 479
with respect to responsiveness, timeliness, customer courtesy, 480
and overall dealings with policyholders, applicants, or agents 481
of the corporation. 482
5.a. Effective January 1, 2009, a personal lin es 483
residential structure that is located in the "wind -borne debris 484
region," as defined in s. 1609.2, International Building Code 485
(2006), and that has an insured value on the structure of 486
$750,000 or more is not eligible for coverage by the corporation 487
unless the structure has opening protections as required under 488
the Florida Building Code for a newly constructed residential 489
structure in that area. A residential structure is deemed to 490
comply with this sub -subparagraph if it has shutters or opening 491
protections on all openings and if such opening protections 492
complied with the Florida Building Code at the time they were 493
installed. 494
b. Any major structure, as defined in s. 161.54(6)(a), 495
that is newly constructed, or rebuilt, repaired, restored, or 496
remodeled to increase the total square footage of finished area 497
by more than 25 percent, pursuant to a permit applied for after 498
July 1, 2015, is not eligible for coverage by the corporation if 499
the structure is seaward of the coastal construction control 500
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line established pursuant to s. 161.053 or is within the Coastal 501
Barrier Resources System as designated by 16 U.S.C. ss. 3501 -502
3510. 503
6. With respect to wind -only coverage for commercial lines 504
residential condominiums, effective July 1, 2014, a condominium 505
may shall be deemed ineligible for coverage when if 50 percent 506
or more of the units are rented more than eight times in a 507
calendar year for a rental agreement period of less than 30 508
days. 509
(n)1. Rates for coverage provided by the corporation must 510
be actuarially sound an d subject to s. 627.062, except as 511
otherwise provided in this paragraph. The corporation shall file 512
its recommended rates with the office at least annually. The 513
corporation shall provide any additional information regarding 514
the rates which the office requi res. The office shall consider 515
the recommendations of the board and issue a final order 516
establishing the rates for the corporation within 45 days after 517
the recommended rates are filed. The corporation may not pursue 518
an administrative challenge or judicial review of the final 519
order of the office. 520
2. In addition to the rates otherwise determined pursuant 521
to this paragraph, the corporation shall impose and collect an 522
amount equal to the premium tax provided in s. 624.509 to 523
augment the financial resources of the corporation. 524
3. After the public hurricane loss -projection model under 525
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s. 627.06281 has been found to be accurate and reliable by the 526
Florida Commission on Hurricane Loss Projection Methodology, the 527
model shall be considered when establishing the wi ndstorm 528
portion of the corporation's rates. The corporation may use the 529
public model results in combination with the results of private 530
models to calculate rates for the windstorm portion of the 531
corporation's rates. This subparagraph does not require or al low 532
the corporation to adopt rates lower than the rates otherwise 533
required or allowed by this paragraph. 534
4. The corporation must make a recommended actuarially 535
sound rate filing for each personal and commercial line of 536
business it writes. 537
5. Notwithstanding the board's recommended rates and the 538
office's final order regarding the corporation's filed rates 539
under subparagraph 1., the corporation shall annually implement 540
a rate increase which, except for sinkhole coverage, does not 541
exceed the following for any single policy issued by the 542
corporation, excluding coverage changes and surcharges: 543
a. Eleven percent for 2022. 544
b. Twelve percent for 2023. 545
c. Thirteen percent for 2024. 546
d. Fourteen percent for 2025. 547
e. Fifteen percent for 2026 and all subsequent years. 548
6. The corporation may also implement an increase to 549
reflect the effect on the corporation of the cash buildup factor 550
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pursuant to s. 215.555(5)(b). 551
7. The corporation's implementation of rates as prescribed 552
in subparagraph 5. shall ce ase for any line of business written 553
by the corporation upon the corporation's implementation of 554
actuarially sound rates. Thereafter, the corporation shall 555
annually make a recommended actuarially sound rate filing for 556
each commercial and personal line of b usiness the corporation 557
writes. 558
Section 12. Subsection (1) of section 627.421, Florida 559
Statutes, is amended to read: 560
627.421 Delivery of policy. — 561
(1) Subject to the insurer's requirement as to payment of 562
premium, every policy shall be mailed, deliv ered, or 563
electronically transmitted to the insured or to the person 564
entitled thereto not later than 60 days after the effectuation 565
of coverage. Notwithstanding any other provision of law, an 566
insurer may allow a policyholder of personal lines insurance to 567
affirmatively elect delivery of the policy documents, including, 568
but not limited to, policies, endorsements, notices, or 569
documents, by electronic means in lieu of delivery by mail. 570
Electronic transmission of a policy for commercial risks, 571
including, but not limited to, workers' compensation and 572
employers' liability, commercial automobile liability, 573
commercial automobile physical damage, commercial lines 574
residential property, commercial nonresidential property, 575
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farmowners insurance, and the types of commercia l lines risks 576
set forth in s. 627.062(3)(d), constitutes delivery to the 577
insured or to the person entitled to delivery, unless the 578
insured or the person entitled to delivery communicates to the 579
insurer in writing or electronically that he or she does not 580
agree to delivery by electronic means. Electronic transmission 581
shall include a notice to the insured or to the person entitled 582
to delivery of a policy of his or her right to receive the 583
policy via United States mail rather than via electronic 584
transmission. A paper copy of the policy shall be provided to 585
the insured or to the person entitled to delivery at his or her 586
request. 587
Section 13. Paragraph (d) of subsection (4) of section 588
627.701, Florida Statutes, is amended to read: 589
627.701 Liability of insure ds; coinsurance; deductibles. — 590
(4) 591
(d)1. A personal lines residential property insurance 592
policy covering a risk valued at less than $500,000 may not have 593
a hurricane deductible in excess of 10 percent of the policy 594
dwelling limits, unless the following conditions are met: 595
a. The policyholder must personally write or type and 596
provide to the insurer the following statement in his or her own 597
handwriting and sign his or her name, which must also be signed 598
by every other named insured on the policy, and dat ed: "I do not 599
want the insurance on my home to pay for the first (specify 600
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dollar value) of damage from hurricanes. I will pay those costs. 601
My insurance will not." 602
b. If the structure insured by the policy is subject to a 603
mortgage or lien, the policyholde r must provide the insurer with 604
a written statement from the mortgageholder or lienholder 605
indicating that the mortgageholder or lienholder approves the 606
policyholder electing to have the specified deductible. 607
2. A deductible subject to the requirements of this 608
paragraph applies for the term of the policy and for each 609
renewal thereafter. Changes to the deductible percentage may be 610
implemented only as of the date of renewal. 611
3. An insurer shall keep the original copy of the signed 612
statement required by thi s paragraph, electronically or 613
otherwise, and provide a copy to the policyholder providing the 614
signed statement. A signed statement meeting the requirements of 615
this paragraph creates a presumption that there was an informed, 616
knowing election of coverage. 617
4. The commission shall adopt rules providing appropriate 618
alternative methods for providing the statements required by 619
this section for policyholders who have a handicapping or 620
disabling condition that prevents them from providing a 621
handwritten statement. 622
Section 14. Paragraph (a) of subsection (2) and subsection 623
(3) of section 627.712, Florida Statutes, are amended to read: 624
627.712 Residential windstorm coverage required; 625
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availability of exclusions for windstorm or contents. — 626
(2) A property insure r must make available, at the option 627
of the policyholder, an exclusion of windstorm coverage. 628
(a) The coverage may be excluded only if: 629
1. When the policyholder is a natural person, the 630
policyholder personally writes or types and provides to the 631
insurer the following statement in his or her own handwriting 632
and signs his or her name, which must also be signed by every 633
other named insured on the policy, and dated: "I do not want the 634
insurance on my (home/mobile home/condominium unit) to pay for 635
damage from windstorms. I will pay those costs. My insurance 636
will not." 637
2. When the policyholder is other than a natural person, 638
the policyholder provides to the insurer on the policyholder's 639
letterhead the following statement that must be signed by the 640
policyholder's authorized representative and dated: "...(Name of 641
entity)... does not want the insurance on its ...(type of 642
structure)... to pay for damage from windstorms. ...(Name of 643
entity)... will be responsible for these costs. ...(Name of 644
entity's)... insurance will not." 645
(3) An insurer issuing a residential property insurance 646
policy, except for a condominium unit owner policy or a tenant 647
policy, must make available, at the option of the policyholder, 648
an exclusion of coverage for the contents. The coverage may be 649
excluded only if the policyholder personally writes or types and 650
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provides to the insurer the following statement in his or her 651
own handwriting and signs his or her signature, which must also 652
be signed by every other named insured on the policy, and dat ed: 653
"I do not want the insurance on my (home/mobile home) to pay for 654
the costs to repair or replace any contents that are damaged. I 655
will pay those costs. My insurance will not." 656
Section 15. Effective upon this act becoming a law, 657
paragraph (b) of subs ection (1) and paragraph (a) of subsection 658
(9) of section 627.7152, Florida Statutes, are amended to read: 659
627.7152 Assignment agreements. — 660
(1) As used in this section, the term: 661
(b) "Assignment agreement" means any instrument by which 662
post-loss benefits under a residential property insurance policy 663
or commercial property insurance policy, as that term is defined 664
in s. 627.0625(1), are assigned or transferred, or acquired in 665
any manner, in whole or in part, to or from a person providing 666
services, including, but not limited to, services to inspect, 667
protect, repair, restore, or replace property or to mitigate 668
against further damage to the property. The term does not 669
include any instrument by which a licensed public adjuster as 670
defined in s. 626.854(1) re ceives any compensation, payment, 671
commission, fee, or other thing of value for providing services 672
under such licensure. 673
(9)(a) An assignee must provide the named insured, 674
insurer, and the assignor, if not the named insured, with a 675
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written notice of inten t to initiate litigation before filing 676
suit under the policy. Such notice must be served at least 10 677
business days before filing suit, but not before the insurer has 678
made a determination of coverage under s. 627.70131, by 679
certified mail, return receipt req uested, to the name and 680
mailing address designated by the insurer in the policy forms or 681
by electronic delivery to the e-mail address designated by the 682
insurer in the policy forms at least 10 business days before 683
filing suit, but may not be served before t he insurer has made a 684
determination of coverage under s. 627.70131 . The notice must 685
specify the damages in dispute, the amount claimed, and a 686
presuit settlement demand. Concurrent with the notice, and as a 687
precondition to filing suit, the assignee must pro vide the named 688
insured, insurer, and the assignor, if not the named insured, a 689
detailed written invoice or estimate of services, including 690
itemized information on equipment, materials, and supplies; the 691
number of labor hours; and, in the case of work perfo rmed, proof 692
that the work has been performed in accordance with accepted 693
industry standards. 694
Section 16. Section 627.7276, Florida Statutes, is amended 695
to read: 696
627.7276 Notice of limited coverage. — 697
(1) An automobile policy that does not contain coverage 698
for bodily injury and property damage must include a notice be 699
clearly stamped or printed to the effect that such coverage is 700
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not included in the policy in the following manner: 701
702
"THIS POLICY DOES NO T PROVIDE BODILY INJURY AND 703
PROPERTY DAMAGE LIABILITY INSURANCE OR ANY OTHER 704
COVERAGE FOR WHICH A SPECIFIC PREMIUM CHARGE IS NOT 705
MADE, AND DOES NOT COMPLY WITH ANY FINANCIAL 706
RESPONSIBILITY LAW." 707
708
(2) This notice legend must accompany appear on the policy 709
declarations declaration page and on the filing back of the 710
policy and be printed in a contrasting color from that used on 711
the policy and in type size at least as large as the type size 712
used on the declarations page larger than the largest type used 713
in the text thereof, as an overprint or by a rubber stamp 714
impression. 715
Section 17. Section 634.171, Florida Statutes, is amended 716
to read: 717
634.171 Salesperson to be licensed and appointed ; 718
exemptions.—Salespersons for motor vehicle service agreem ent 719
companies and insurers must shall be licensed, appointed, 720
renewed, continued, reinstated, or terminated as prescribed in 721
chapter 626 for insurance representatives in general. However, 722
they are shall be exempt from all other provisions of chapter 723
626, including provisions relating to fingerprinting, photo 724
identification, education, and examination provisions. 725
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Applicable license, appointment, and other fees are as shall be 726
those prescribed in s. 624.501. A licensed and appointed 727
salesperson is shall be directly responsible and accountable for 728
all acts of her or his employees and other representatives. Each 729
service agreement company or insurer shall, on forms prescribed 730
by the department, within 30 days after termination of the 731
appointment, notify the depar tment of such termination. An No 732
employee or a salesperson of a motor vehicle service agreement 733
company or an insurer may not directly or indirectly solicit or 734
negotiate insurance contracts, or hold herself or himself out in 735
any manner to be an insurance a gent, unless so qualified, 736
licensed, and appointed therefor under the Florida Insurance 737
Code. A licensed personal lines or general lines agent is not 738
required to be licensed as a salesperson under this section to 739
solicit, negotiate, advertise, or sell moto r vehicle service 740
agreements. A motor vehicle service agreement company is not 741
required to be licensed as a salesperson to solicit, sell, 742
issue, or otherwise transact the motor vehicle service 743
agreements issued by the motor vehicle service agreement 744
company. 745
Section 18. Section 634.317, Florida Statutes, is amended 746
to read: 747
634.317 License and appointment required ; exemptions.—A No 748
person may not solicit, negotiate, or effectuate home warranty 749
contracts for remuneration in the this state unless such person 750
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is licensed and appointed as a sales representative. A licensed 751
and appointed sales representative is shall be directly 752
responsible and accountable for all acts of the licensee's 753
employees. A licensed personal lines or general lines agent is 754
not required to be licensed as a sales representative under this 755
section to solicit, negotiate, advertise, or sell home warranty 756
contracts. 757
Section 19. Section 634.419, Florida Statutes, is amended 758
to read: 759
634.419 License and appointment required ; exemptions.—A No 760
person or an entity may not shall solicit, negotiate, advertise, 761
or effectuate service warranty contracts in the this state 762
unless such person or entity is licensed and appointed as a 763
sales representative. Sales representatives are shall be 764
responsible for the actions of persons under their supervision. 765
However, a service warranty association licensed as such under 766
this part is shall not be required to be licensed and appointed 767
as a sales representative to solicit, negotiate, advertise, or 768
effectuate its products. A licensed personal lines or general 769
lines agent is not required to be licensed as a sales 770
representative under this section to solicit, negotiate, 771
advertise, or sell service warranty contracts. 772
Section 20. Effective June 1, 202 3, for the purpose of 773
incorporating the amendment made by this act to section 215.555, 774
Florida Statutes, in a reference thereto, subsection (10) of 775
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section 624.424, Florida Statutes, is reenacted to read: 776
624.424 Annual statement and other information. — 777
(10) Each insurer or insurer group doing business in this 778
state shall file on a quarterly basis in conjunction with 779
financial reports required by paragraph (1)(a) a supplemental 780
report on an individual and group basis on a form prescribed by 781
the commission with information on personal lines and commercial 782
lines residential property insurance policies in this state. The 783
supplemental report shall include separate information for 784
personal lines property policies and for commercial lines 785
property policies and totals for each item specified, including 786
premiums written for each of the property lines of business as 787
described in ss. 215.555(2)(c) and 627.351(6)(a). The report 788
shall include the following information for each county on a 789
monthly basis: 790
(a) Total number of policies in force at the end of each 791
month. 792
(b) Total number of policies canceled. 793
(c) Total number of policies nonrenewed. 794
(d) Number of policies canceled due to hurricane risk. 795
(e) Number of policies nonrenewed due to hurricane risk. 796
(f) Number of new policies written. 797
(g) Total dollar value of structure exposure under 798
policies that include wind coverage. 799
(h) Number of policies that exclude wind coverage. 800
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Section 21. Effective June 1, 2023, for the purpose of 801
incorporating the amendment made by this act to section 215.555, 802
Florida Statutes, in a reference thereto, paragraph (v) of 803
subsection (6) of section 627.351, Florida Statutes, is 804
reenacted to read: 805
627.351 Insurance risk apportionment plans. — 806
(6) CITIZENS PROPERTY INSUR ANCE CORPORATION.— 807
(v)1. Effective July 1, 2002, policies of the Residential 808
Property and Casualty Joint Underwriting Association become 809
policies of the corporation. All obligations, rights, assets and 810
liabilities of the association, including bonds, not e and debt 811
obligations, and the financing documents pertaining to them 812
become those of the corporation as of July 1, 2002. The 813
corporation is not required to issue endorsements or 814
certificates of assumption to insureds during the remaining term 815
of in-force transferred policies. 816
2. Effective July 1, 2002, policies of the Florida 817
Windstorm Underwriting Association are transferred to the 818
corporation and become policies of the corporation. All 819
obligations, rights, assets, and liabilities of the association, 820
including bonds, note and debt obligations, and the financing 821
documents pertaining to them are transferred to and assumed by 822
the corporation on July 1, 2002. The corporation is not required 823
to issue endorsements or certificates of assumption to insureds 824
during the remaining term of in -force transferred policies. 825
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3. The Florida Windstorm Underwriting Association and the 826
Residential Property and Casualty Joint Underwriting Association 827
shall take all actions necessary to further evidence the 828
transfers and provide the documents and instruments of further 829
assurance as may reasonably be requested by the corporation for 830
that purpose. The corporation shall execute assumptions and 831
instruments as the trustees or other parties to the financing 832
documents of the Flor ida Windstorm Underwriting Association or 833
the Residential Property and Casualty Joint Underwriting 834
Association may reasonably request to further evidence the 835
transfers and assumptions, which transfers and assumptions, 836
however, are effective on the date pro vided under this paragraph 837
whether or not, and regardless of the date on which, the 838
assumptions or instruments are executed by the corporation. 839
Subject to the relevant financing documents pertaining to their 840
outstanding bonds, notes, indebtedness, or other financing 841
obligations, the moneys, investments, receivables, choses in 842
action, and other intangibles of the Florida Windstorm 843
Underwriting Association shall be credited to the coastal 844
account of the corporation, and those of the personal lines 845
residential coverage account and the commercial lines 846
residential coverage account of the Residential Property and 847
Casualty Joint Underwriting Association shall be credited to the 848
personal lines account and the commercial lines account, 849
respectively, of the corporati on. 850
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4. Effective July 1, 2002, a new applicant for property 851
insurance coverage who would otherwise have been eligible for 852
coverage in the Florida Windstorm Underwriting Association is 853
eligible for coverage from the corporation as provided in this 854
subsection. 855
5. The transfer of all policies, obligations, rights, 856
assets, and liabilities from the Florida Windstorm Underwriting 857
Association to the corporation and the renaming of the 858
Residential Property and Casualty Joint Underwriting Association 859
as the corporation does not affect the coverage with respect to 860
covered policies as defined in s. 215.555(2)(c) provided to 861
these entities by the Florida Hurricane Catastrophe Fund. The 862
coverage provided by the fund to the Florida Windstorm 863
Underwriting Association b ased on its exposures as of June 30, 864
2002, and each June 30 thereafter shall be redesignated as 865
coverage for the coastal account of the corporation. 866
Notwithstanding any other provision of law, the coverage 867
provided by the fund to the Residential Property a nd Casualty 868
Joint Underwriting Association based on its exposures as of June 869
30, 2002, and each June 30 thereafter shall be transferred to 870
the personal lines account and the commercial lines account of 871
the corporation. Notwithstanding any other provision o f law, the 872
coastal account shall be treated, for all Florida Hurricane 873
Catastrophe Fund purposes, as if it were a separate 874
participating insurer with its own exposures, reimbursement 875
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premium, and loss reimbursement. Likewise, the personal lines 876
and commercial lines accounts shall be viewed together, for all 877
fund purposes, as if the two accounts were one and represent a 878
single, separate participating insurer with its own exposures, 879
reimbursement premium, and loss reimbursement. The coverage 880
provided by the fund to the corporation shall constitute and 881
operate as a full transfer of coverage from the Florida 882
Windstorm Underwriting Association and Residential Property and 883
Casualty Joint Underwriting Association to the corporation. 884
Section 22. For the purpose of incorporating the amendment 885
made by this act to section 626.221, Florida Statutes, in a 886
reference thereto, paragraph (b) of subsection (1) of section 887
626.8734, Florida Statutes, is reenacted to read: 888
626.8734 Nonresident all -lines adjuster license 889
qualifications.— 890
(1) The department shall issue a license to an applicant 891
for a nonresident all -lines adjuster license upon determining 892
that the applicant has paid the applicable license fees required 893
under s. 624.501 and: 894
(b) Has passed to the satisfacti on of the department a 895
written Florida all-lines adjuster examination of the scope 896
prescribed in s. 626.241(6); however, the requirement for the 897
examination does not apply to: 898
1. An applicant who is licensed as an all -lines adjuster 899
in his or her home st ate if that state has entered into a 900
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reciprocal agreement with the department; 901
2. An applicant who is licensed as a nonresident all -lines 902
adjuster in a state other than his or her home state and a 903
reciprocal agreement with the appropriate official of the state 904
of licensure has been entered into with the department; or 905
3. An applicant who holds a certification set forth in s. 906
626.221(2)(j). 907
Section 23. For the purpose of incorporating the amendment 908
made by this act to section 626.856, Florida Statute s, in a 909
reference thereto, paragraph (e) of subsection (1) of section 910
626.865, Florida Statutes, as amended by CS/CS/CS HB 959, 2022 911
Regular Session, is reenacted to read: 912
626.865 Public adjuster's qualifications, bond. — 913
(1) The department shall issue a license to an applicant 914
for a public adjuster's license upon determining that the 915
applicant has paid the applicable fees specified in s. 624.501 916
and possesses the following qualifications: 917
(e) Has been licensed and appointed in this state as a 918
nonresident public adjuster on a continual basis for the 919
previous 6 months, or has been licensed as an all -lines 920
adjuster, and has been appointed on a continual basis for the 921
previous 6 months as a public adjuster apprentice under s. 922
626.8561, as an independent ad juster under s. 626.855, or as a 923
company employee adjuster under s. 626.856. 924
Section 24. Effective upon this act becoming a law, for 925
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the purpose of incorporating the amendment made by this act to 926
section 627.7152, Florida Statutes, in references theret o, 927
subsection (1) and paragraph (d) of subsection (2) of section 928
627.7153, Florida Statutes, are reenacted to read: 929
627.7153 Policies restricting assignment of post -loss 930
benefits under a property insurance policy. — 931
(1) As used in this section, the term "assignment 932
agreement" has the same meaning as provided in s. 627.7152. 933
(2) An insurer may make available a policy that restricts 934
in whole or in part an insured's right to execute an assignment 935
agreement only if all of the following conditions are met: 936
(d) Each restricted policy include on its face the 937
following notice in 18 -point uppercase and boldfaced type: 938
939
THIS POLICY DOES NOT ALLOW THE UNRESTRICTED ASSIGNMENT 940
OF POST-LOSS INSURANCE BENEFITS. BY SELECTING THIS 941
POLICY, YOU WAIVE YOUR RIGHT TO FREEL Y ASSIGN OR 942
TRANSFER THE POST-LOSS PROPERTY INSURANCE BENEFITS 943
AVAILABLE UNDER THIS POLICY TO A THIRD PARTY OR TO 944
OTHERWISE FREELY ENTER INTO AN ASSIGNMENT AGREEMENT AS 945
THE TERM IS DEFINED IN SECTION 627.7152 OF THE FLORIDA 946
STATUTES. 947
Section 25. Except as otherwise expressly provided in this 948
act and except for this section, which shall take effect upon 949
this act becoming a law, this act shall take effect July 1, 950
HB 11D 2022D
CODING: Words stricken are deletions; words underlined are additions.
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