SB 916- Relating to Commercial Insurer Rate Filing Procedures
On Monday, March 30th,  SB 916, relating to Commercial Insurer Rate Filing, by Senator Bill Montford (D-Tallahassee) unanimously passed through the Senate Commerce and Tourism Committee with 4 yeas and 0 nays.

This bill removes inconsistencies in the statute with respect to commercial rate filings. In 2011, Rep. Drake 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. SB 916 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.

SB 916 will now head to the Senate Rules 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.