Governor Crist Signs Commercial Lines Rating Bill (SB 2176); Includes Workers’ Comp Provisions
Jun 1, 2010
CS/CS/2nd Eng. SB 2176 became law with the signature of Florida Governor Charlie Crist today, June 1, 2010. The bill, which amends Florida’s insurance rating law to allow specified types of commercial lines insurance to be exempt from the rate filing and review requirements, was amended on the last day of the 2010 Legislative Session to address annuity fraud, as well as workers’ compensation claims for law enforcement officers, Medicare supplement insurers, motor vehicle service agreements and specialty insurers.
Under the provisions of CS/CS/2nd Eng. SB 2176, an insurer must notify the Florida Office of Insurance Regulation (“OIR”) of any changes to rates for exempted types of insurance within 30 days after the effective date of the change. The bill specifies the information that must be included in the notice and requires that underwriting files, premiums and loss and expense statistics must be maintained by the insurer and subject to review by the OIR.
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