Title: Insurance-based Climate-change Task Force

Summary: Requiring the Commissioner of Insurance Regulation to convene a task force for specified purposes; requiring the task force to deliver a biennial report beginning on a certain date, etc.

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 greater 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 governments for these events, and WHEREAS, it is the mission of the 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 Florida s insurance market with the goal of best protecting Florida s insurance consumers. (2)   The task force shall identify protection gaps in Florida s insurance market and assess and recommend risk transfer mechanisms and other approaches for reducing, managing, and mitigating climate-related risk. (3)   The task force shall consider mechanisms that: (a)   Improve access to affordable property and flood insurance for all Floridians; (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 and other businesses throughout this state; and (e)   Provide coverage for additional living expenses relating to flood damage. (4)   Beginning January 1, 2023, and at least once every years thereafter, the task force shall deliver 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.