H7065: Insurer Accountability

Legislative Summary

Revises requirements & conditions for certain insurer market conduct examinations after hurricane; specifies factors office may consider in determining whether continued operation of insurer may be deemed to be hazardous; prohibits officer or director of insolvent or impaired insurer from receiving bonus from such insurer; prohibits Citizens Property Insurance Corporation from determining that risk is ineligible for coverage solely on specified basis; revises prohibitions on insurers against cancellation or nonrenewal of residential property insurance policies; provides if roof deductible is applied under personal lines residential property insurance policy, no other deductible may be applied to other loss to property caused by same covered peril.