FPCA Homeowners Division: Residential Property Insurance Rating Bill HB 885 Filed
Feb 22, 2011
Filed on February 21, 2011 by House Insurance and Banking Subcommittee Chairman John Wood (R-Haines City), HB 885 relating to Residential Property Insurance would establish flex band rating of up to 15 percent on a statewide average if an insurer has Florida Hurricane Catastrophe Fund and private reinsurance covering its 100-year probable maximum loss.
Unlike similar language used in bills from previous Florida Legislative Sessions, HB 885 does not exclude smaller insurers with a minimum surplus requirement, nor does it provide that policies issued under the flex rating law would not be subject to Florida Hurricane Catastrophe Fund and Citizens Property Insurance Corporation assessments.
Under the provisions of HB 885, on or after January 1, 2012, an insurer complying with Chapter 627.7031 may use residential property insurance rate “different from the otherwise applicable filed rate” under certain circumstances.
To access complete bill information on HB 885, click here.
Should you have any questions or comments, please contact Katie Scott Webb (kwebb@cftlaw.com) at Colodny Fass.
www.FPCAonline.org