Florida Senate Passes CS/CS HB 99 Relating to Commercial Insurance Rates by Vote of 34-1
May 2, 2011
Earlier this morning, the Florida Senate passed CS/CS HB 99, relating to Commercial Insurance Rates by a vote of 34 to 1.
The bill exempts additional categories or kinds and types of commercial lines insurance risks from being subject to otherwise applicable rate filing requirements and changes requirements with respect to specified types of records, information and actuarial data related to rate changes required to be retained by an insurer or a rating organization. The bill also deletes authority for the Florida Office of Insurance Regulation to require all necessary information from in insurer in order to evaluate a rate change. Further, the bill expands an exemption from certain otherwise applicable rate filing requirements to include all commercial motor vehicle insurance.
CS/CS HB 99 was previously passed by the House of Representatives by a vote of 116 to 0.
The bill will now be sent to Florida Governor Rick Scott. If signed into law by the Governor, the legislation becomes effective on October 1, 2011.
To access a copy of CS/CS HB 99. click here.
Should you have any questions or comments, please contact Colodny Fass.
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