SB 916- Relating to Commercial Insurer Rate Filing Procedures
On Friday, April 24th, SB 916, relating to Commercial Insurer Rate Filing, by Senator Bill Montford (D-Tallahassee) passed through the Senate floor with 38 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. 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 go to the House floor for a vote.

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.