Residual Market Insurers

Removed the definition of 'diligent effort' and replaced it with a new definition requiring rejection from at least three authorized insurers, or one insurer for residential structures valued at $700,000 or more.

Added a requirement that insureds must sign an acknowledgment of disclosure about surplus lines coverage, creating a presumption that they were informed of other coverage availability.

Updated Citizens Property Insurance Corporation eligibility requirements to include provisions for surplus lines insurer participation in quota share primary insurance agreements.

Created new sections requiring insurers to acknowledge residential property insurance communications within 7 days and begin investigations within 7 days of receiving proof-of-loss statements.

Established new rules requiring insurers to provide detailed loss estimates within 7 days and maintain records of all claim-related communications and inspections.

Created new provisions requiring written notice of intent to initiate litigation before filing suit against property insurers, with specific requirements for settlement demands and disputed amounts.

Prohibited policyholders from assigning post-loss insurance benefits under residential and commercial property insurance policies.

Established that non-insureds must first obtain a settlement or verdict against the insured before suing liability insurers, with exceptions for insurers who pay taxable costs or attorney fees.

Modified surplus lines tax remittance timelines and agent affidavit filing requirements to align with new reporting procedures.

Added provisions for electronic investigation methods including drones and video conferencing for residential property claims, with fraud protections.