Governor Crist Receives Omnibus Property Insurance and Commercial Rate Modernization Bills
May 17, 2010
After their passage by the Florida Legislature, SB 2044, the omnibus property insurance package, and SB 2176, the commercial rate modernization bill, were sent to Governor Charlie Crist today, May 17, 2010. The Governor has until June 1, 2010 to sign, veto or let these bills become law without his signature.
Should you have any questions or comments, please contact Colodny Fass.
CS/CS/SB 2044 – Omnibus Property Insurance Bill
Provides for an expedited pass-through rate filing to recoup certain expenses; makes certain revisions applicable to mitigation discounts; makes several revisions to the laws applicable to public adjusters; modifies the methodology for the payment of certain claims based on actual cash value; delays the repeal of a provision exempting medical malpractice insurance premiums from emergency assessments to the Florida Hurricane Catastrophe Fund; revises the minimum surplus as to policyholders that must be maintained by certain insurers; provides that the Circuit Court of Leon County is the venue for certain actions collateral to a delinquency proceeding involving an insurer; and provides for other reforms applicable to property insurance.
Effective Date: June 1, 2010 except where otherwise provided
CS/CS/SB 2176 – Commercial Rate Modernization Bill
Exempts specified types of insurance and commercial lines risks from certain requirements of state law relating to the filing and review of rates; requires that an insurer notify the OIR following a change to certain rates; requires that an insurer maintain certain information regarding underwriting files, premiums, and loss and expense statistics, which information is subject to review by the OIR.
Effective Date: January 1, 2011 except where otherwise provided
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