No. SB 366
Filed under Insurance.
Initiating a Property Insurance Interstate Compact; Requiring the Commissioner of Insurance Regulation to initiate a compact with other states to establish a national risk pool for property insurance for natural disasters for a specified purpose; requiring the commissioner, as soon as feasible, to enter into the compact with a minimum number of member states, etc.
Plain English Summary
AI-GENERATEDThe Commissioner of Insurance Regulation must start creating a national property insurance compact with other states by December 31, 2027, aimed at spreading natural disaster risk across state lines.
Once formed, the commissioner must join the compact once at least 14 other states have signed on, creating a shared national risk pool for storm and disaster losses.
The bill does not create the compact itself. It only directs the commissioner to negotiate one and to join once enough other states sign on.
AIOnce at least 14 other states have signed on, the commissioner is required to join a shared compact that pools property insurance risk for natural disasters across member states, binding Florida to whatever terms the compact sets.
AIThe commissioner must begin negotiating a multistate compact to create a shared risk pool for natural disaster property insurance losses, with a deadline of December 31, 2027 to start that process.