HB 359 – Relating to Insurance
On Wednesday, January 15, HB 359 by Representative David Santiago (R-Deltona) was heard in the House Insurance & Banking Subcommittee and was reported favorable with 15 yeas and 0 nays. AIF’s Senior Vice President of State and Federal Affairs, Brewster Bevis, stood in support of this legislation.
The bill provides needed reforms to the insurance industry by:
- Requiring the Legislature to appropriate money from the Florida Hurricane Catastrophe Fund to the Office of Insurance Regulation (OIR);
- Providing revised requirements for certain audits;
- Revising timeframe during which statute of limitations for certain civil remedy actions;
- Authorizing releases of trade secret information obtained by the Department of Financial Services & OIR;
- Prohibiting OIR from disapproving rates for homeowner's insurance under certain circumstances;
- Providing claims under property insurance policy, rather than claims for specified loss or damage, are barred unless notice is given to insurer within specified timeframe.
HB 359 will now move to the House Government Operations & Technology Appropriations Subcommittee.
AIF supports smart, targeted reforms that help keep the insurance markets up to date while protecting Florida policyholders.