Florida S0366 proposes a property insurance interstate compact to create a national risk pool for natural disasters.

Florida S0366 mandates the Commissioner of Insurance Regulation to initiate a compact with other states to establish a national risk pool for property insurance for natural disasters. This aims to reduce financial risks to Florida and its residents. The commissioner must enter into the compact with at least 14 other member states as soon as feasible, with a deadline of December 31, 2027. The act takes effect July 1, 2026.

Florida S0366 proposes a property insurance interstate compact to create a national risk pool for natural disasters.

Florida S0366 mandates the Commissioner of Insurance Regulation to initiate a compact with other states to establish a national risk pool for property insurance for natural disasters. This aims to reduce financial risks to Florida and its residents. The commissioner must enter into the compact with at least 14 other member states as soon as feasible, with a deadline of December 31, 2027. The act takes effect July 1, 2026.