Title: Climate and Resiliency Task Force

Summary: Requires Commissioner of Insurance Regulation to convene Climate & Resiliency Task Force for specified purposes; provides duties of task force; requires report to Governor, Cabinet, & Legislature.

Full Text:
WHEREAS, the State of Florida is uniquely exposed to the impacts of climate change, including sea level rise, increased storm surge and flooding, hurricane intensification, extreme heat, and other climate-related weather events, and WHEREAS, the escalating frequency and severity of extreme weather events will put great er financial pressure on Florida's insurance market and make it more difficult for Floridians to obtain affordable property and flood insurance for their homes and businesses, and WHEREAS, climate-related weather events may also create a consumer need for insurance products that do not currently exist, and WHEREAS, innovative insurance and reinsurance practices may provide opportunities to reduce risk exposure, close protection gaps, and better prepare Florida's homeowners, businesses, and local governmen ts for these events, and WHEREAS, it is the mission of Florida's Office of Insurance Regulation to promote a stable and competitive insurance market for consumers, NOW, THEREFORE, Be It Enacted by the Legislature of the State of Florida: Section 1. Section 624.3095, Florida Statutes, is created to read: 624.3095 Climate and Resiliency Task Force.-(1) The Commissioner of Insurance Regulation shall convene a Climate and Resiliency Task Force to consider the impact of climate change on the state' sinsurance market with the goal of best protecting the state's insurance consumers. (2) The task force shall identify protection gaps in the state's insurance market and assess and recommend risk-transfer mechanisms and other approaches for reducing, ma naging, and mitigating climate-related risk. (3) The task force shall consider mechanisms that: (a) Improve access to affordable property and flood insurance for all residents of the state. (b) Apply technology and innovation to the mitigation of climate-related risks. (c) Encourage investment in natural infrastructure to reduce climate-related risks to communities. (d) Mitigate the effects of extreme heat on agriculture HB 1623 2021 and other businesses throughout the state. (e) Provide coverage for addi tional living expenses relating to flood damage. (4) Beginning January 1, 2023, and at least once every 54 years thereafter, the task force shall submit a report containing its recommendations to the Governor and Cabinet, the President of the Senate, and the Speaker of the House of Representatives. Section 2. This act shall take effect July 1, 2021.