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DESANTIS SIGNS CITIZENS INSURANCE BILL

Wednesday, May 15, 2024   /   by Richard Eimers

DESANTIS SIGNS CITIZENS INSURANCE BILL

Citizens Insurance.png
MAY 14, 2024

Under the bill, some non-homesteaded properties could be moved from Citizens to surplus lines insurers, which do not face the same regulations as standard carriers.

TALLAHASSEE, Fla. – Gov. Ron DeSantis on Friday signed 20 bills, including a measure that could expand efforts to move policies from the state’s Citizens Property Insurance Corp. into the private market.

The measure (HB 1503), in part, affects a “depopulation” program that Citizens is using to try to shed policies after becoming the largest property insurer in Florida in recent years. Under the bill, some non-homesteaded properties could be taken out of Citizens by what are known as surplus lines carriers, which do not face the same regulations as more-typical insurers on issues such as rates.

The bill, which will take effect July 1, will require surplus lines insurers to have rates approved by the state for Citizens take-out purposes. To qualify for the Citizens depopulation program, surplus lines carriers also will need to have financial-strength ratings of at least A- from the AM Best ratings agency.

Citizens had about 1.19 million policies as of May 3, according to data on its website. DeSantis’ office announced the batch of bill signings Friday night.

© 2024 The News Service of Florida.


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