Florida House Insurance Subcommittee Approves FIGA, Commercial Rate Filing, Reciprocal Insurance Bills Today–March 3, 2015

 

The Florida House of Representatives (“House”) Insurance and Banking Subcommittee (“Subcommittee”) met today, March 3, 2015.  The following insurance-related bills were part of the agenda:

• HB 557 relating to the Florida Insurance Guaranty Association by State Representative Jake Raburn
• HB 677 relating to Reciprocal Insurers by State Representative David Santiago
• HB 507 relating to Property Insurance by State Representative Kathleen Passidomo
• HB 639 relating to Commercial Insurance Rate Filing Procedures by State Representative Scott Plakon

During the short meeting, Representative Raburn presented HB 557, which revises the way insurers pay and recoup Florida Insurance Guaranty Association assessments. One technical amendment was adopted to the bill, which was approved by the Subcommittee unanimously. 

To view an analysis of HB 557, click here.

HB 677 by Representative Santiago, which makes changes to the way reciprocal insurers make distributions to their subscribers, was also passed unanimously.  To read the House analysis of the bill, click here.

Representative Plakon presented HB 639, which clarifies that certifications are required only for residential property insurance rate filings and excludes commercial multiperil insurance from the requirement to make an annual base rate filing.  One technical amendment was adopted to the bill, which was approved. 

To view the analysis of HB 639, click here.

The Subcommittee next heard HB 507, which prohibits insurers from issuing windstorm premium discounts to policyholders if a Uniform Mitigation Inspection Verification Form was completed more than five years before the end of the policy period.  The Subcommittee amended the bill and passed it unanimously. 

To view the amendment to HB 507, click here.  To read an analysis of HB 507, click here.

To view today’s Subcommittee meeting materials, click here.

 

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