SB 916- Relating to Commercial Insurer Rate Filing Procedures
On Tuesday, March 10th, SB 916, relating to Commercial Insurer Rate Filing, by Senator Bill Montford (D-Tallahassee) unanimously passed through the Senate Banking and Insurance Committee with 9 yeas and 0 nays. This bill removes inconsistencies in the statute with respect to commercial rate filings. In 2011, Representative Brad Drake (R-Marianna) unanimously passed a bill that exempted commercial insurers from filing rates for most types of commercial lines with the Office of Insurance Regulation (OIR).
This flexibility was needed since commercial risks are varied, often complex, and need to be uniquely tailored to meet the needs of a particular industry and business. This bill removes a certification requirement to rate filings, and aligns the annual rate filing statute with the exemption for commercial multiple peril insurance and commercial motor vehicle insurance.
As SB 916 unanimously passed through the Banking and Insurance committee, the bill now heads to its second stop in the Senate Commerce and Tourism Committee. AIF stood in support of this bill.
AIF supports removing redundant or burdensome regulations that add no value to the end user, the consumers. AIF also supports a robust and competitive commercial marketplace, as this vibrancy results in better prices and better products for business owners.
SB 1060- Relating to Legislative Ratification
On Tuesday, March 10th, SB 1060, relating to Legislative Ratification, by Senator David Simmons (R-Altamonte Springs) unanimously passed through the Senate Banking and Insurance Committee with 9 yeas and 0 nays. This legislature largely relates to the maximum reimbursement allowances for worker’s compensation situations, such as, medical treatment and care.
Proposed by the Division of Workers’ Compensation, this legislation addresses a glitch from the implementation of legislative rule authorization. By excluding the adoption of workers’ compensation reimbursement manuals from the authorization process, the Division is able to keep reimbursement protocols and rates up to date, which fosters the self-executing nature of the workers’ compensation system for the benefit of employees, employers, and employer-carriers.
This bill now heads to its last stop in theSenate Fiscal Policy Committee. AIF stood in support of this bill.
AIF has worked hard to preserve and protect an efficient, self-executing, and cost effective workers’ compensation system and applauds efforts to ensure such a system continues.
