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SB1028

Rules for Citizens Property Insurance Corporation Commercial Coverage

Last scannedAug 24, 2026, 10:35 AM

In one sentence

This law stops the state-run insurance company from selling new commercial property policies if a private insurer offers similar coverage at a cost no more than 15% higher.

Requires the corporation to establish a personal lines clearinghouse for specified purposes.
Requires the corporation to implement separate commercial lines clearinghouses for authorized insurers and surplus lines insurance by specific dates.
Prohibits the corporation from issuing new coverage for commercial residential or nonresidential risks if an approved insurer offers comparable coverage at a total cost no more than 15% higher.
Defines 'total cost of insurance' as the annual premium plus all fees, taxes, assessments, surcharges, and other mandatory charges required to maintain coverage.
Allows applicants and current policyholders to choose between accepting an offer from a private insurer or staying with the corporation under certain conditions.
Requires that risk information shared in these programs be combined (aggregated) and stripped of personal identifiers.

The Citizens Property Insurance Corporation
Applicants seeking new commercial residential or nonresidential property insurance coverage
Current policyholders with the corporation who are renewing or buying additional policies for these properties
Authorized insurers and surplus lines clearinghouse insurers

The specific dates by which clearinghouses must be operational are set in the law but not detailed in this summary text.
It is unclear how often private insurers will offer coverage that meets the strict 'comparable' definition required to block new policies from the corporation.

Plain language

Clearinghouse: A system created by the law where insurance companies share information about risks to find coverage for applicants.
Comparable Coverage: Insurance protection that is equal to or better than what the corporation offers in all aspects, ignoring administrative rules and conditions.
Total Cost of Insurance: The sum of the yearly premium plus all fees, taxes, assessments, surcharges, and other mandatory charges a customer must pay to keep their policy active for the full period.

Official record

Source attached

Citizens Property Insurance Corporation

Official activity