SB 1308 – relating to Insurer Solvency
On Wednesday, April 30th, SB 1308, relating to Insurer Solvency, by Senator David Simmons (R-Altamonte Springs) passed the House chamber by a 112-1 vote. The bill now heads to the Governor for consideration.
This bill adopts several updates from the National Association of Insurance Commissioners (NAIC). Specifically, the bill adds additional protections for holding company systems, updates requirements for life insurance reserves, and improves actuarial information provided to the Office of Insurance Regulation from insurers.
AIF supports legislation that modernizes insurance regulation and takes steps to achieve uniformity with other states, creating consistent regulations and a more efficient allocation of capital, which improves Florida’s insurance marketplace for business and personal lines policyholders.
SB 1672 – relating to Property Insurance
On Wednesday, April 30th, SB 1672, relating to Property Insurance, by the Senate Committee on Banking and Insurance unanimously passed the House chamber. The bill now heads back to the Senate for consideration.
The bill addresses several aspects of Citizens eligibility for commercial residential multi-peril policies, allows surplus lines insurers to make offers of coverage in the Citizens Clearinghouse, and increases the mandatory residential property insurance deductible offering for non-hurricane losses to $1,000 from $500. The bill also restricts the ability of public adjusters to choose the contractors who will repair a property and prohibit mitigation inspectors from paying agents to get referrals.
AIF supports common sense reforms to depopulate Citizens in a continuing effort to reduce assessments on all insurance policyholders. AIF also supports reducing fraud in the property insurance marketplace, which helps control insurance costs for businesses and homeowners alike.