Florida Bills Would Let Surplus Lines Do Takeouts And Require More Data Reporting

Florida Senate Committee Advances Bill Allowing Surplus Lines to Take Over Coverage of Second Homes:

The Florida Senate's Banking and Insurance Committee has approved a bill that would allow surplus lines carriers to take over coverage of second homes from Citizens Property Insurance Corp. The move aims to help depopulate Citizens, which currently insures 45,000 to 60,000 secondary homes.

The Florida Association of Insurance Agents supports the bill, citing its potential to ensure that Florida agents remain involved in the process and to help with Citizens' depopulation plan. The bill's passage through the committee has elicited mixed reactions from agents and brokers. While some see it as a way to help depopulate Citizens, others are concerned about the potential impact on their businesses.

The Florida Association of Insurance Agents believes that the bill would help ensure that Florida agents are kept in the process, while Boyd, an insurance agency owner and the committee chairman, notes that surplus firms tend to have larger surplus levels than primary carriers, reducing the lik

Notes...

The person I will be writing about is Jim Boyd, the Senate Banking and Insurance Committee Chairman. Boyd has been instrumental in advancing a bill that would allow surplus lines carriers to take over coverage of second homes from Citizens Property Insurance Corp. This move aims to help depopulate Citizens, which currently insures 45,000 to 60,000 secondary homes.

Boyd's efforts have been met with mixed reactions from agents and brokers, but he ### committed to the plan. As an insurance agency owner himself, Boyd understands the importance of ensuring that Florida agents are kept in the process. He believes that surplus firms tend to have larger surplus levels than primary carriers, reducing the likelihood of insolvency.

Boyd's achievements in this area are significant, as they have the potential to impact the insurance industry in Florida. By allowing surplus lines carriers to take over coverage of second homes, Boyd is working to depopulate Citizens and ensure that Florida agents remain involved in the process. His efforts demonstrate his commitment to the industry

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A key Florida Senate committee this week advanced a bill that would allow surplus lines carriers to take over coverage of second homes from Citizens Property Insurance Corp. Reaction by agents and brokers was mixed.

Reference: Florida Bills Would Let Surplus Lines Do Takeouts and Require More Data Reporting