Florida Legislature Passes HB 1127 Relating to Citizens Property Insurance Corporation
Mar 10, 2012
House Bill 1127 by Representative Ben Albritton was unanimously approved by the Florida Senate late last night, March 9, 2012. The House had passed the bill on February 23, 2012, by a vote of 89-25. The bill will now be sent to Governor Rick Scott for his approval.
House Bill 1127 changes the ability of Citizens Property Insurance Corporation (“Citizens”) to levy assessments. The bill eliminates the regular assessment for the Personal Lines Account and the Commercial Lines Account of Citizens and reduces the assessment amount for the Coastal Account from 6 percent to 2 percent. Additionally, the bill extends the time period limited apportionment companies have to pay a regular assessment to Citizens from 12 months to 15 months. The bill does not effect Citizens emergency assessments.
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