Property Insurance Interstate Compact

Plain English Breakdown

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Property Insurance Interstate Compact

This bill requires Florida's insurance regulator to start talks with other states by December 31, 2027, to create a national risk pool for property insurance covering natural disasters.

What This Bill Does

• Requires the Commissioner of Insurance Regulation to begin an interstate compact by December 31, 2027.
• Aims to establish a national risk pool for property insurance related to natural disasters.
• States that the goal is to reduce financial risks for Florida and its residents.
• Directs the commissioner to join the compact with at least 14 other states as soon as feasible.

Who It Names or Affects

• The Commissioner of Insurance Regulation in Florida
• Other U.S. states that may become member states

Terms To Know

Interstate Compact

An agreement between two or more states to work together on a shared issue.

Risk Pool

A group arrangement where members share the financial cost of losses, such as those from natural disasters.

Limits and Unknowns

• The bill does not list which specific states must join the compact.
• It sets a deadline to start talks but leaves the final agreement date open until it is feasible.
• The text does not explain how much money will be in the risk pool or who pays for it.

Official Summary Text

Property Insurance Interstate Compact; Requires Commissioner of Insurance Regulation to initiate compact with other states to establish national risk pool for property insurance for natural disasters for specified purpose; requires commissioner to enter into compact with minimum number of member states.

Current Bill Text

HB 319 2026

CODING: Words stricken are deletions; words underlined are additions.
hb319-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

A bill to be entitled 1
An act relating to property insurance interstate 2
compact; requiring the Commissioner of Insurance 3
Regulation to initiate a compact with other states to 4
establish a national risk pool for property insurance 5
for natural disasters for a specified purpose; 6
requiring the commissioner to enter into the compact 7
with a minimum number of member states; providing an 8
effective date. 9
10
Be It Enacted by the Legislature of the State of Florida: 11
12
Section 1. The Commissioner of Insurance Regulation shall, 13
by December 31, 2027, initiate a compact with other states to 14
establish a national risk pool for property insurance for 15
natural disasters in order to reduce the financial risks to this 16
state and its residents and shall, as soon as feasible, enter 17
into the compact with at least 14 other member states. 18
Section 2. This act shall take effect July 1, 2026. 19