Florida Senate’s Second Omnibus Insurance Package Filed to SB 2108; Banking and Insurance to Consider on April 7

A property insurance-related proposed committee substitute (“PCB 561904”), the components of which have been used in the context of other bills during the 2010 Florida Legislative Session, has been filed as an amendment to Senate Bill 2108 in advance of its scheduled consideration by the Senate Committee on Banking and Insurance (“Committee”) on Wednesday, April 7.  Currently, SB 2108 exists as a “shell” bill.

PCB 561904 equates to the second Senate omnibus property insurance package to be released during the Session.  To view the complete text of the amendment, click here.

Provisions of PCB 561904 include:

• Removal of the Florida Office of Insurance Regulation’s (“OIR”) authority to develop wind mitigation credit methodologies that coordinate and comply with the Uniform Home Grading Scale (the repeal of which is provided for by other pending legislation);
• Clarification of the process for an insurer issuing a “Notice of Change in Policy Terms,” as well as rectification of a court decision that required a nonrenewal and reacquisition of the policyholder;
• Substantial sinkhole-related language, including a standard for investigating sinkhole claims and reports;
• Substantial reform of neutral evaluators;   
• Reform of the wind mitigation documentation process through setting misconduct standards for inspectors, restricting the authorized signatory of a wind mitigation form to the licensed inspector only, rather than his or her employee;
• Granting immunity from liability for entities that report fraud; and
• Removal of references to the now-concluded My Safe Florida Home wind mitigation program.

Additional amendments to PCB 561904 are expected to be filed before the April 6 deadline.

Other insurance-related bills on the April 7 Committee agenda include: 

• SB 2176 relating to Commercial Insurance Rates by Senator Durell Peaden Jr.
• SB 2232 relating to Guaranty Associations by Senator Garrett Richter
• SB 1658 relating to Open Government Sunset Review/Hurricane Loss Projection Methodology/OIR by the Senate Committee on Banking and Insurance
• SB 1662 relating to Open Government Sunset Review/Florida Self-Insurers Guaranty Association by the Senate Committee on Banking and Insurance
• SB 1664 relating to Open Government Sunset Review/Hurricane Loss/Associated Exposure Data by the Senate Committee on Banking and Insurance

Florida Insurance Consumer Advocate Sean Shaw also is scheduled to give a presentation during the meeting, which begins at 10:15 a.m.

Should you have any questions or comments, please contact Colodny Fass.

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