Bill Text: FL S0348 | 2024 | Regular Session | Introduced

Florida Senate Bill 348

Introduced

Bill Title: Insurance Rebate Program for Low-Income Seniors

Spectrum: Bipartisan Bill

Status: (Failed) 2024-03-08 - Died in Banking and Insurance [S0348 Detail]

Download: Florida-2024-S0348-Introduced.html

       Florida Senate - 2024                                     SB 348
       
       
        
       By Senator Book
       
       
       
       
       
       35-00464-24                                            2024348__
    1                        A bill to be entitled                      
    2         An act relating to the Insurance Rebate Program for
    3         Low-Income Seniors; creating the program within the
    4         Department of Financial Services for a certain
    5         purpose; providing eligibility requirements to receive
    6         a rebate under the program; authorizing eligible
    7         persons to apply to the program if certain
    8         documentation and proof are provided; specifying the
    9         calculation of the rebate and procedures for
   10         disbursing funds; authorizing the department to adopt
   11         rules; providing an appropriation; providing an
   12         effective date.
   13          
   14  Be It Enacted by the Legislature of the State of Florida:
   15  
   16         Section 1. Insurance Rebate Program for Low-Income
   17  Seniors.—
   18         (1) The Insurance Rebate Program for Low-Income Seniors is
   19  created within the Department of Financial Services to provide
   20  low-income seniors relief on the rising costs of homeowners’
   21  insurance paid in this state.
   22         (2) To be eligible for a rebate, a person must meet all of
   23  the following requirements:
   24         (a) Be a Florida resident.
   25         (b) Be 65 years of age or older.
   26         (c) Have an income equal to or less than 200 percent of the
   27  federal poverty level.
   28         (3) An eligible person may apply to the program, on a form
   29  approved by the department, no later than June 30 of the year
   30  after the eligible person paid homeowners’ insurance for his or
   31  her primary residence. The eligible person must provide
   32  documentation verifying the payment of homeowners’ insurance and
   33  proof of his or her primary residence.
   34         (4) Within 30 days after receiving a completed application
   35  and verifying the information required under subsection (3), the
   36  department shall issue a check or remit funds using direct
   37  deposit to the eligible person or household in an amount equal
   38  to 10 percent of the amount the eligible person paid in
   39  homeowners’ insurance.
   40         (5) The department may adopt rules necessary to administer
   41  the Insurance Rebate Program for Low-Income Seniors.
   42         (6) For the 2024-2025 fiscal year, the Insurance Rebate
   43  Program for Low-Income Seniors shall be funded, subject to
   44  appropriation, from unallocated general revenue.
   45         Section 2. This act shall take effect July 1, 2024.