Recent statutory changes prompted by Florida House Bill 909 take effect today, July 1, 2013, containing changes that will affect Citizens Property Insurance Corporation and Florida Public Adjusters. Some of the major changes effect the financial operations of Citizens Property Insurance Corporation but it also provide for some significant changes in how Florida Public Adjusters handle claims with Citizens.One of the most anticipated provisions of the bill is the change to the statutory fee cap for Public Adjusters handling claims for Citizens Property Insurance Corporation policy holders. As of July 1, 2013, Public Adjusters may now represent consumers insured by Citizens at a rate of 20% on both new and supplemental claims. In addition, some changes were made to the Florida Hurricane Catastrophe Fund, rate filings, and rate standards.A brief summary of the Florida statutes that govern Public Adjusters and which include the July 1, 2013 amendments can be found here.
The lengthy, complicated and official version of the statutory changes can be found here.