H1503: Citizens Property Insurance Corporation

Legislative Summary

Revises circumstances under which certain insurers' association shall levy market equalization surcharges on policyholders; provides that certain accounts for Citizens Property Insurance Corporation revenues, assets, liability, losses, & expenses are now maintained as Citizens account; revises requirements for certain coverages by corporation; requires inclusion of quota share primary insurance in certain policies; specifies that certain provisions apply to personal lines residential risks that are primary residences and to personal lines residential risks that are not primary residences; provides that comparisons of comparable coverages under certain personal lines residential risks & commercial lines residential risks do not apply to policies that do not cover primary residences; provides that certain risks that could not be insured under standard policies are eligible for certain basic policies; revises corporation's plan of operation.