SB 1740 Florida Senate · 2025 Regular Session

Insurance

Summary

Insurance; Specifying that hurricane mitigation grants funded through the My Safe Florida Home Program may be awarded only under certain circumstances; revising the surplus required for certain insurers applying for their original certificates of authority and to maintain their certificates of authority, respectively; specifying prohibitions for persons who were officers or directors of an insolvent insurer, attorneys in fact of a reciprocal insurer, or officers or directors of an attorney in fact of a reciprocal insurer; prohibiting the office from requesting an insurer waive a deemed approval for residential property insurance rate filing under certain circumstances, etc.

Bill status died 1 of 4 stages cleared

Introduction

Mar 2025

Committee Review

Floor Vote

Governor

Introduced Mar 10, 2025 Last action Jun 16, 2025

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What changed between versions

S 1740 Filed → S 1740 c1 · 6 edits

MODERATE

This bill updates Florida's My Safe Florida Home Program to tighten grant eligibility and inspector requirements, while also raising surplus requirements for insurers and adding new rules on AI use in claims handling. The changes aim to ensure grants go to homes that will actually receive insurance discounts, improve inspector accountability, and prevent insurers from using algorithms alone to deny claims.

Scope change

Expanded to include new provisions on AI and algorithm use in insurance claims handling, plus updated surplus requirements for insurers based on their establishment date.

ELIGIBILITY

Added a $700,000 insured value limit for grant eligibility (with exemptions for low-income homeowners) and required building permits to be filed before January 1, 2008.

REQUIREMENT

Added new requirements for hurricane mitigation inspectors, including mandatory drug testing, background checks with fingerprinting, and specific training hours for home inspectors.

Created new section requiring insurers to have qualified human professionals make claim denial decisions, with AI and algorithms prohibited from being the sole basis for denials.

FISCAL

Raised surplus requirements for new property and casualty insurers from $5 million to $15 million for certain domestic insurers, and adjusted requirements for existing insurers based on when they received their certificate of authority.

ENFORCEMENT

Added restrictions preventing the insurance office from requesting waivers of deemed approval for residential property insurance rate decreases that are not solely due to coverage reductions or policy form changes.

TIMELINE

Extended the prohibition period for former officers/directors of insolvent insurers from 2 years to 5 years for insolvencies occurring on or after July 1, 2025.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 19, 2025

Upper · Passed

Now in Appropriations Committee on Agriculture, Environment, and General Government

upper

Mar 19, 2025

Upper · Passed

Pending reference review under Rule 4.7(2) - (Committee Substitute)

upper

Mar 12, 2025

Upper · Passed

On Committee agenda-- Banking and Insurance, 03/17/25, 1:30 pm, 412 Knott Building

upper

Mar 10, 2025

Introduced

upper

Mar 7, 2025

Committee

Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy

upper

1 primary · 1 co-sponsor