Initiating a Property Insurance Interstate Compact

Plain English Breakdown

The official source material does not provide details on how the compact will be funded or managed, nor does it specify what happens if fewer than 14 states join by the deadline.

Starting a Property Insurance Compact

This bill requires Florida's Commissioner of Insurance Regulation to initiate and join an interstate compact with at least 14 other states for property insurance against natural disasters by December 31, 2027.

What This Bill Does

• Requires the Commissioner of Insurance Regulation to initiate a compact with other states by December 31, 2027.
• The commissioner must join the compact as soon as feasible after it is created.
• At least 14 other states need to be part of the compact when Florida joins.

Who It Names or Affects

• Florida's Commissioner of Insurance Regulation
• Other state governments that will join the compact
• Residents and property owners in participating states

Terms To Know

Compact

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

Limits and Unknowns

• The bill does not specify how the compact will be funded or managed.
• It is unclear what happens if fewer than 14 states join by the deadline.

Official Summary Text

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.

Current Bill Text

Florida Senate
-
2026

SB 366

By
Senator Bernard

24-00536-26 2026366__
1 A bill to be entitled
2 An act relating to initiating a property insurance
3 interstate compact; requiring the Commissioner of
4 Insurance Regulation to initiate a compact with other
5 states to establish a national risk pool for property
6 insurance for natural disasters for a specified
7 purpose; requiring the commissioner, as soon as
8 feasible, to enter into the compact with a minimum
9 number of member states; providing an effective date.
10
11 Be It Enacted by the Legislature of the State of Florida:
12
13 Section 1.
The Commissioner of Insurance Regulation shall,

14
by December 31, 2027, initiate a compact with other states to

15
establish a national risk pool for property insurance for

16
natural disasters in order to reduce the financial risks to this

17
state and its residents and shall, as soon as feasible, enter

18
into the compact with at least 14 other member states.

19 Section 2. This act shall take effect July 1, 2026.