FPCA: Comments Requested on Sinkhole Bills Scheduled to Be Heard By Final Legislative Committees This Week
Mar 30, 2009
Two similar property insurance bills relating to sinkholes are scheduled to be heard this week in the Florida Legislature by their final committees of reference. Because the two bills are nearly identical, please focus your review on the provisions of CS/SB 742 only, and provide any comments at your earliest convenience to Katie Webb at kwebb@cftlaw.com.
Comments Requested: CS/SB 742 relating to Sinkhole Losses by the Senate Committee on Banking and Insurance
CS/Senate Bill 742 is scheduled to be heard by the Senate Committee on General Government Appropriations–its final committee of reference–on Wednesday, April 1. If passed, the Bill will be sent to the full Senate for action.
CS/SB 742 would define the term “sinkhole loss prevention ordinance” and require the Florida Financial Services Commission to adopt a building code effectiveness grading schedule to evaluate the effectiveness of sinkhole loss prevention ordinances in reducing the frequency and severity of sinkhole claims.
The Bill also would require insurance discounts and surcharges based on a property’s compliance with, and the grade assigned to, the applicable sinkhole loss prevention ordinance. To view the most recent bill analysis, click here.
Please review the provisions of CS/SB 742 and provide any comments at your earliest convenience to Katie Webb at kwebb@cftlaw.com.
CS/House Bill 351, the nearly-identical House companion to CS/SB 742, is scheduled to be heard in the House General Government Policy Council (“Council”) on Tuesday, March 31. The Council is CS/HB 351’s final committee of reference, and if passed, the Bill will be sent to the full House of Representatives for action. To view the most recent bill analysis, click here.
Should you have any questions or comments, please contact Katie Webb at kwebb@cftlaw.com.