FPCA Homeowners Division: Comments Requested on Residential Property Insurance Assessment Bill; Loss Assessment Coverage Proposal
Mar 27, 2009
Please review the following bills and provide any comments during today’s 2:00 p.m. FPCA Homeowners Division meeting.
House Bill 1171 relating to Residential Property Insurance
House Bill 1171 relating to Residential Property Insurance by Representatives Bill Proctor (R-Saint Augustine) and John Wood (R-Haines City) was passed with a strike-all amendment by the House Insurance, Business and Financial Affairs Policy Committee (17Y-0N) today, March 27, 2009. To view a copy of the strike-all amendment, click here.
Of particular interest, the bill, as amended, provides that certain residential property insurers would not be subject to Citizens Property Insurance Assessments (“non-assessable residential property insurers”). The bill also states that an insurer may offer non-assessable residential property insurance policies if the insurer maintains a surplus greater or equal to $500 million.
To view the most recent bill analysis, click here.
Loss Assessment Coverage Provision
Attached for your review is a proposal addressing the loss assessment coverage provision in both CS/SB 714 relating to Condominium Insurance by the Senate Committee on Regulated Industries and CS/CS/CS HB 419 relating to Condominiums by the House Criminal and Civil Justice Policy Council, Insurance, Business and Financial Affairs Policy Committee and Civil Justice and Courts Policy Committee. Please review the proposal and provide any comments during today’s meeting.
Should you have any questions or comments, please contact Katie Webb at kwebb@cftlaw.com.