Committee backs proposal to steer some commercial policies out of Citizens Property Insurance
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
The committee approved CS/SB 1028 to create a commercial clearinghouse intended to transition eligible commercial policies to private carriers, with proponents saying it reduces taxpayer exposure and critics flagging implementation and reporting concerns.
Senator Gruters described CS/SB 1028 as a measure to reduce Citizens Property Insurance’s concentration by creating a commercial alliance clearinghouse that would help eligible commercial policyholders transition to private-market coverage with verified eligibility, more offers and potentially lower rates. He told the committee Citizens currently has "$65,000,000,000 worth on exposure of commercial properties alone," and framed the bill as protecting Florida taxpayers from concentrated storm risk.
A delete-all amendment (barcode 624532) was filed and explained as part of the bill package and subsequently adopted. Gary Rosen testified with concerns about language that appeared to delete reporting requirements and about Citizens’ sovereign immunity and management of repair programs; he urged compliance with laws and suggested reforms such as higher deductibles and legal oversight of managed repair vendors. Senator Voigt and other members expressed support for "rightsizing" Citizens and noted market conditions may reduce pressure on the insurer of last resort.
The committee adopted the amendment and, by roll call, reported CS for SB 1028 favorably. Members said they will continue working on technical tweaks before the bill moves further along the legislative calendar.