Florida H0319 mandates the creation of a national risk pool for property insurance against natural disasters through a compact with other states.

Florida H0319 requires the Commissioner of Insurance Regulation to establish a national risk pool for property insurance against natural disasters by forming a compact with other states. The compact must be initiated by December 31, 2027, and the state must enter into the compact with at least 14 other member states as soon as feasible. The act aims to reduce financial risks to Florida and its residents. The bill takes effect July 1, 2026.

Florida H0319 mandates the creation of a national risk pool for property insurance against natural disasters through a compact with other states.

Florida H0319 requires the Commissioner of Insurance Regulation to establish a national risk pool for property insurance against natural disasters by forming a compact with other states. The compact must be initiated by December 31, 2027, and the state must enter into the compact with at least 14 other member states as soon as feasible. The act aims to reduce financial risks to Florida and its residents. The bill takes effect July 1, 2026.