SB 1672 – relating to Property Insurance
On Monday, April 21st, SB 1672, relating to Property Insurance, by the Senate Committee on Banking and Insurance passed the Senate Committee on Rules by an 11-1 vote. AIF stood in support of the bill during the committee. The bill now heads to the Senate floor.

On Friday, April 25th, SB 1672 passed the Senate chamber by a 22-16 vote. The bill now heads to the House 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. During Monday’s committee, amendments were adopted to restrict 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.

SB 1308 – relating to Insurer Solvency
On Thursday, April 24th, SB 1308, relating to Insurer Solvency, by Senator David Simmons (R-Altamonte Springs) unanimously passed the Senate chamber. The bill now heads to the House 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.

HB 375 (SB 870) – relating to Insurance
On Friday, April 25th, HB 375, relating to Insurance, by Representative David Santiago (R-Deltona) unanimously passed the Senate chamber with an amendment. HB 375 was substituted in the Senate for SB 870, by Senator Chris Smith (D-Oakland Park). The bill now heads back to the House for consideration.

The bill contains several pragmatic law changes that will make insurance administration simpler and provides a reduction in worker’s compensation assessments on Florida employers. 
The bill contains the following specific provisions:

• Allows the state to settle more claims to the Special disability Trust Fund using existing dollars without triggering an additional and unnecessary assessment on Florida employers.
• Clarifies that the lack of an agent’s countersignature on an insurance policy does not affect the validity of the policy.
• Specifies that an insurer may offer a non-forfeiture provision in a long-term care insurance policy in the form of a return of the insured’s premium if the insured dies, surrenders, or cancels the policy.
• Makes changes to the manner in which the Florida Insurance Guaranty Association (FIGA) levies and collects assessments.  
• Amends the Florida Motor Vehicle No-Fault Law to enable local counties to enact and enforce local ordinances regulating health care clinics that are reimbursed under the PIP law.
• Provides that statutory provisions relating to insurance premium financing do not apply to installment payment arrangements if such arrangements do not involve the advancement of funds and do not exceed the service changes provided in s. 627.901, F.S

AIF congratulates Senator Smith on passage of this important bill and encourages the Florida House to vote for its final passage as well. 

AIF supports legislation that will reduce worker’s compensation assessment burdens on Florida’s employers and make the state more attractive to conduct business.