Thank you! Your submission has been received!
Thank you! Your submission has been received!

Citizens Property Insurance Corporation (HB 1503)

Score:

47

%

Florida

2024

Latest Action:

Updated:

Chamber:

This bill addresses the issue of projected deficits within the Citizens account by implementing financial mechanisms for recovery. When a deficit is determined, the board levies a Citizens policyholder surcharge, up to 15% of the policy premium. The surcharge is required upon policy cancellation, renewal, or issuance of a new policy by the corporation. This surcharge isn't considered part of the premium and is not subject to commissions, fees, or premium taxes; non-payment is equivalent to a failure to pay the premium itself. Residual deficits after accounting for these surcharges must be recovered through emergency assessments. This supplementary financial measure is to be collected from assessable insurers and assessable insureds upon policy issuance or renewal. The emergency assessments are not considered part of insurers' rates or premium, neither are they subject to taxes and commissions.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

*Map data updates hourly

Make a Donation

FAQVolunteerOur TeamAbout DDPMembershipEndorsements
// add the bill to voatz //refresh page after send to voatz //change the bill map