Notice of temporary discontinuance of writing new residential property insurance policies.

(1) Any authorized insurer, before temporarily suspending writing new residential property insurance policies in this state, must give notice to the office of the insurer’s reasons for such action, the effective dates of the temporary suspension, and the proposed communication to its agents. Such notice must be provided on a form approved by the office and adopted by the commission. The insurer shall submit such notice to the office the earlier of 20 business days before the effective date of the temporary suspension of writing or 5 business days before notifying its agents of the temporary suspension of writing. The insurer must provide any other information requested by the office related to the insurer’s temporary suspension of writing. The requirements of this section do not:

(a) Apply to a temporary suspension of writing new business made in response to:

1. A hurricane that may make landfall in this state if such temporary suspension ceases within 72 hours after hurricane conditions are no longer present in this state; or

2. Any other natural emergency as defined in s. 252.34(8) which impacts one or more counties and is the subject of a declared state of emergency by any local, state, or federal authority, if such temporary suspension applies only to the affected counties and ceases within 72 hours after such natural emergency is no longer present in those counties.

(b) Require such insurers to obtain the approval of the office before temporarily suspending writing new residential property insurance policies in this state.

(2) The commission may adopt rules to administer this section.