Florida 2022 Regular Session

Florida House Bill H0695 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	HB 695 2022
4	4
5	5
6	6
7	7	CODING: Words stricken are deletions; words underlined are additions.
8	8	hb0695-00
9	9	Page 1 of 3
10	10	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
11	11
12	12
13	13
14	14	A bill to be entitled 1
15	15	An act relating to property insurer reimbursements; 2
16	16	amending s. 215.555, F.S.; defining the term "unsound 3
17	17	insurer"; revising requirements for coverage under the 4
18	18	Florida Hurricane Catastrophe Fund of certain policies 5
19	19	assumed by authorized insurers or the Citizens 6
20	20	Property Insurance Corporation; providing 7
21	21	construction; providing an effective date. 8
22	22	9
23	23	Be It Enacted by the Legislature of the State of Florida: 10
24	24	11
25	25	Section 1. Paragraph (e) of subsection (5) of section 12
26	26	215.555, Florida Statutes, is amended, and paragraph (p) is 13
27	27	added to subsection (2) of that section, to read: 14
28	28	215.555 Florida Hurricane Catastrophe Fund. — 15
29	29	(2) DEFINITIONS.—As used in this section: 16
30	30	(p) "Unsound insurer" means an insurer determined by the 17
31	31	Office of Insurance Regulation to be in unsound condition as 18
32	32	defined in s. 624.80(2) or an insurer placed in receivership 19
33	33	under chapter 631. 20
34	34	(5) REIMBURSEMENT PREMIUMS. — 21
35	35	(e)1. If an authorized insurer or the Citizens Property 22
36	36	Insurance Corporation assumes or otherwise provides coverage for 23
37	37	policies of an unsound insurer placed in liquidation under 24
38	38	chapter 631 pursuant to s. 627.351(6) , the authorized insurer or 25
39	39
40	40	HB 695 2022
41	41
42	42
43	43
44	44	CODING: Words stricken are deletions; words underlined are additions.
45	45	hb0695-00
46	46	Page 2 of 3
47	47	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
48	48
49	49
50	50
51	51	the Citizens Property Insurance Corporation may, pursuant to 26
52	52	conditions mutually agreed to between the authorized insurer or 27
53	53	the Citizens Property Insurance Corporation and the State Board 28
54	54	of Administration, seek to obtain coverage for such policies 29
55	55	under its contract with the fund or acce pt an assignment of the 30
56	56	unsound liquidated insurer's contract with the fund. However, if 31
57	57	a covered event has occurred before the effective date of the 32
58	58	transfer of the policies, the authorized insurer or the Citizens 33
59	59	Property Insurance Corporation may obtai n coverage for such 34
60	60	policies only through an assignment as provided in subparagraph 35
61	61	3. 36
62	62	2. If an authorized insurer or the Citizens Property 37
63	63	Insurance Corporation assumes policies from an unsound insurer 38
64	64	and elects to cover these policies under its the corporation's 39
65	65	contract with the fund, it shall notify the board of its insured 40
66	66	values with respect to such policies within a specified time 41
67	67	mutually agreed to between the authorized insurer or the 42
68	68	Citizens Property Insurance Corporation and the board , after 43
69	69	such assumption or other coverage transaction , and the fund 44
70	70	shall treat such policies as having been in effect as of June 30 45
71	71	of that year. 46
72	72	3. If an authorized insurer or the Citizens Property 47
73	73	Insurance Corporation accepts In the event of an assignment of 48
74	74	an unsound insurer's contract , the fund shall apply the unsound 49
75	75	insurer's that contract to such policies and treat the 50
76	76
77	77	HB 695 2022
78	78
79	79
80	80
81	81	CODING: Words stricken are deletions; words underlined are additions.
82	82	hb0695-00
83	83	Page 3 of 3
84	84	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
85	85
86	86
87	87
88	88	authorized insurer or the Citizens Property Insurance 51
89	89	Corporation as if it the corporation were the unsound liquidated 52
90	90	insurer for the remaining term of the contract, with and the 53
91	91	corporation shall have all rights and duties of the unsound 54
92	92	liquidated insurer beginning on the date it provides coverage 55
93	93	for such policies. This subparagraph may not be construed to 56
94	94	limit the fund's right to receive the premium due under the 57
95	95	unsound insurer's contract , but the corporation is not subject 58
96	96	to any preexisting rights, liabilities, or duties of the 59
97	97	liquidated insurer. The assignment, including any unresolved 60
98	98	issues between the liquidat ed insurer and Citizens Property 61
99	99	Insurance Corporation under the contract, shall be provided for 62
100	100	in the liquidation order or otherwise determined by the court. 63
101	101	However, if a covered event occurs before the effective date of 64
102	102	the assignment, the corporation may not obtain coverage for such 65
103	103	policies under its contract with the fund and shall accept an 66
104	104	assignment of the liquidated insurer's contract as provided in 67
105	105	this paragraph. 68
106	106	Section 2. This act shall take effect July 1, 2022. 69