Signed by Governor Rick Scott

Vote Smart's Synopsis:

Vote to pass a bill that repeals the requirement that private insurers offer sinkhole insurance coverage, effective July 1, 2011.

Highlights:

• Repeals statutes requiring private insurance companies to provide comprehensive sinkhole insurance coverage (Sec. 16).

• Requires the state-run Citizens Property Insurance Corporation to provide sinkhole insurance coverage (Sec. 18).

• Prohibits the Office of Insurance Regulation from disapproving a rate change for sinkhole coverage, unless the insurer is charging a higher premium solely because of the applicant's or insured's race, religion, sex, national origin, or marital status (Sec. 16).

• Requires insurance policyholders to enter into a contract for the performance of building stabilization or foundation repair within 90 days after an insurance company confirms coverage for a sinkhole loss or catastrophic ground cover collapse (Sec. 30).

• This act is effective July 1, 2011 (Sec. 35).

Full Bill Text