Florida House Insurance and Banking Subcommittee Amends, Approves Insurance Related Bills Today, March 13
Mar 13, 2013
The Florida House Insurance and Banking Subcommittee (“Subcommittee”) met today, March 13, 2013 to consider the following bills:
- HB 217 – Relating to Money Services Businesses by Representative Cummings and Oliva
- HB 821 – Relating to Insurer Solvency by Representative Ingram
- HB 823 – Relating to Public Records/Insurer Solvency by Representative Ingram
- HB 383 – Relating to Interstate Insurance Product Regulation Compact by Representative Hudson
The Subcommittee also held a workshop to discuss HB 1107 Relating to Florida Hurricane Catastrophe Fund by Representative Hager.
The Subcommittee considered HB 217 – Relating to Money Services Businesses by Representative Cummings and Oliva. There was one amendment filed and adopted to the bill without objection. As amended, the bill was found favorable as a committee substitute.
HB 821 – Relating to Insurer Solvency by Representative Ingram was heard by the Subcommittee as well. There were two amendments filed to the bill, both were adopted and the amended bill passed as a committee substitute.
The next bill heard by the Subcommittee was HB 823 – Relating to Public Records/Insurer Solvency by Representative Ingram. The bill creates an exemption from public records requirements. There were two amendments filed and adopted without objection. The amended bill was adopted as a committee substitute.
HB 383 – Relating to Interstate Insurance Product Regulation Compact by Representative Hudson was found favorable by the Subcommittee.
The Subcommittee held a workshop on HB 1107 – Relating to Florida Hurricane Catastrophe Fund by Representative Hager. The bill includes a number of revisions under the reimbursement contract. It provides a calculation for insurer’s reimbursement retention and premium, revises coverage levels, removes a scheduled repeal of exemption of medical malpractice premiums from emergency assessments, changes the name of the Florida Hurricane Catastrophe Fund and Florida Hurricane Catastrophe Fund Finance Corporation, removes provisions regarding optional temporary additional coverage in emergencies, and permits recoupment of specific reinsurance costs.
In the workshop on HB 1107, Charles Grimsley, Chairman of the Florida Property and Casualty Association, spoke in opposition to the bill.
On behalf of the Florida Chamber, David Christian voiced the Chamber’s support for the bill.
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