SB 542 – relating to Flood Insurance
On Monday, April 28th, SB 542, relating to Flood Insurance, by Senator Jeff Brandes (R-St. Petersburg) passed the House chamber with amendments by a 98-11 vote. The bill then passed the Senate on Friday, May 2nd, by a 30-3 vote. Representative Ed Hooper (R-Clearwater) sponsored the House companion bill. The bill now heads to the Governor for consideration.

This legislation is the Senate’s flood insurance plan, designed to attract personal residential insurers to write flood insurance, which is currently covered almost entirely by the National Flood Insurance Program.

AIF supports the Legislature’s efforts to attract more private writers for flood insurance to give consumers an alternative to the federally run government program, the National Flood Insurance Program.  

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. Representative Clay Ingram (R-Pensacola) sponsored the House companion bill. 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 then passed the Senate chamber by a 25-8 vote on Thursday, May 1st. The bill now heads to the Governor for consideration.

The bill addresses several aspects of Citizens eligibility for commercial residential multi-peril policies and includes several fraud protections including prohibiting contractors from waiving deductibles to induce policyholders to file claims.

AIF also supports reducing fraud in the property insurance marketplace, which helps control insurance costs for businesses and homeowners alike.